MobiSwipe Secures Funding From One97 Mobility Fund
MobiSwipe Technologies, a Mumbai based mobile PoS Company. MobiSwipe has secured funding from One97 Mobility Fund. MobiSwipe allows merchants to use Android mobile phones or tablets as Point of Sale (PoS) terminals with the capability to accept credit and debit card payments. The monetary details of the funding have not been disclosed.
The funds raised by MobiSwipe will used be to scale up the company’s operation and to launch customized products for merchants. As a part of the deal, Vijay Shekhar Sharma will also join the MobiSwipe Board, according to medianama.com.
According to MobiSwipe, the funding will allow the company to scale up operations and accelerate growth, and it will launch customized products for merchants for the purpose. One97 Communications*, the company behind the One97 Mobility Fund, already offers payment services under the Paytm payments brand. Vijay Shekhar Sharma, founder and CEO of One97 Communications said that the funding was in line with the fund’s philosophy of supporting mobile focused ventures, and that he believed that mobile phones could act as a catalyst to achieving a cash-free payment environment. On being asked if PayTM Payments would be integrated with MobiSwipe, he responded that the company does have plans for the same, but that will be part of the long term strategy.
The Mobiswipe founding team includes Suresh Santhanaramakrishnan, founding member of BharatMatrimony.com; and Harmeet Singh Arora, who has over 15 years experience in the web and mobile space having worked with companies like Rediff.com, Zapak.com among others.
Founded by Suresh Santhanaramakrishnan and Harmeet Singh Arora, MobiSwipe is a mobile payment service provider that enable merchants to accept credit and debit card anywhere and anytime.
Suresh Santhanaramakrishnan was founding member of BharatMatrimony.com and headed the business since inception, while Harmeet Singh Arora has previously worked with companies like HomeIndia.com, Rediff.com, Zapak.com, SMS GupShup and NetworkPlay.in and has over 15 years of work experience in the Web, Online Gaming and Mobile space.
Recently Axis Bank tied up with Prizm Payments and Mswipe Technologies, to launch Swipeon – a mobile phone based card acceptance service or mobile POS terminal.
MTS launched mobile attachable PoS device MTS mPOS and PayMate had launched a PayPOS mobile application, which also enabled credit and debit cards payments and electronic transactions on mobile phones at the PoS.