Mumbai-based fintech firm Mswipe is aiming for ₹450 crore in revenue by FY26, a 40% increase from its ₹276.9 crore revenue in FY24. The payments-focused company turned profitable in FY24, reporting a cash profit of ₹4.5 crore.
“We cut down on loss-making businesses like our NBFC and focused on payments, which helped us achieve 100% growth and profitability in FY24,” said Ketan Patel, co-founder and CEO of Mswipe.
The company has partnered with 40 banks to onboard merchants, reducing acquisition costs. Mswipe currently acquires 20,000–25,000 merchants monthly through this model. “We have stopped lending to merchants because we don’t have to compete with banks,” Patel added.
Founded in 2011, Mswipe provides banking institutions, enterprises, and businesses with online and offline payment solutions, including POS devices, QR soundboxes, and payment gateways.
Mswipe is expanding internationally and plans to enter six new markets — Indonesia, Malaysia, Bahrain, Nepal, Egypt, and London — within the next 24 months. Currently present in the UAE, Singapore, and Sri Lanka, the company’s international business contributes 10% of its revenue, with a goal to increase this share to 40% over the next three years. In the UAE, Mswipe serves over 5,000 merchants, processing $150 million in transactions monthly. It has also partnered with telecom giant Etisalat to expand its offerings in the region.
Within India, Mswipe is expanding into tier-III to tier-VI markets. It currently operates in 800+ cities, including Jammu & Kashmir, Andaman & Nicobar, and Lakshadweep. “Setting up in regions like the Northeast and J&K is challenging due to tough conditions, but we have strong processes and resources to ensure business continuity,” Patel noted.
Mswipe differentiates itself through affordable, high-quality technology. Its offerings include advanced terminal telemetry for remote diagnostics, a seamless transaction infrastructure for POS, UPI, and online payments, and a robust risk management system. Recently, it launched an all-in-one payment soundbox for UPI and card transactions.