UAE payments company acquires mobile PoS startup MobiSwipe
United Arab Emirates-based payments solutions provider OMA Emirates has acquired Mumbai-based MobiSwipe Technologies Pvt. Ltd for an undisclosed sum as it looks to broaden its overall portfolio in the Middle East, Eastern Europe and APAC regions, the company said in a statement on Monday.
MobiSwipe was founded in 2012 by Suresh Santhanaramakrishnan, a founding member of BharatMatrimony.com, and Harmeet Singh Arora, a veteran in the internet, online gaming and mobile domains. The startup, which offers a mobile payment service to merchants, had raised an undisclosed amount in November 2012 from One97 Mobility Fund, an early-stage fund backed by One97 Communications Ltd, which offers online recharges for mobile, DTH and other utilities under the Paytm brand.
Both Santhanaramakrishnan and Arora will be joint CEOs of the acquired company as part of the acquisition.
"The mobile payment market is witnessing a surge. This acquisition will ensure that MobiSwipe makes the right international progress," said Santhanaramakrishnan, co-founder and joint CEO, MobiSwipe.
MobiSwipe offers mPoS (point of sale) solutions, wherein merchants can accept credit/debit card payments using Android mobile phones and tablets. Payments can be processed on the go via a pocket-sized card-reader connected to the MobiSwipe app via Bluetooth. The customer's card needs to be swiped, followed by keying in the PIN.
Niranj Sangal, Group CEO, OMA Emirates Group, said in the statement, "There is increasing acceptance and growth of mPOS solutions over the last few years with many of our customers having shown interest in the solution. Having acquired MobiSwipe, we are now able to extend the mPOS offerings and we are confident of a larger portfolio."
In 2014, MobiSwipe was reported to be in talks to raise $5-7 million in its Series A round of funding.
Thanks to demonetisation, the mobile payments market in India has seen a dramatic surge of late. In the mPoS segment, MobiSwipe competes with MSwipe, PayU, Paynear and Ezetap, among others. Market leader Paytm also launched its mobile PoS in November last year.