B2B payment service provider Mswipe Technologies reported an almost flat revenue growth in FY24, moving up by 1% to Rs 276.9 crore from Rs 274.4 crore in FY23. However, the company managed to trim its losses marginally by 5.7% to Rs 46.2 crore during the same period.
The Mumbai-based company, which offers POS solutions including cards, wallets, mobile payment apps, bank apps, contactless payments and QR code payments to businesses, made 63.09% of its operating revenue from transaction processing fees, which grew by 7.6% to Rs 174.7 crore in FY24, compared to the preceding fiscal. The company saw a 44.4% decline in signup fees to Rs 5 crore, while support service fees increased modestly by 4% to Rs 70.1 crore during the same period.
The company’s total expenses remained largely flat, decreasing by 0.3% to Rs 327.3 crore in FY24. IT infrastructure continues to be the biggest cost burden, increasing 5.2% to Rs 164.2 crore and accounting for over half of total expenses. The company reduced its employee benefit costs by 2.2% to Rs 77.3 crore. Overall, Mswipe spent Rs 1.18 to earn every rupee of operating revenue in FY24. It reported Rs 157 crore in cash and bank balance at the end of the fiscal.
Mswipe’s annualised run rate reached $12 billion as of October 2024, with 400,000 operational terminals deployed. The 2011-founded company which counts Matrix Partners, Falcon Edge Capital, Alpha Wave Global, and Ola among its backers has raised a total of $126 million in funding so far, according to data from Tracxn. In February, the company received a payment aggregator (PA) license from the Reserve Bank of India, which enables it to provide full-stack payment solutions to businesses.