Mswipe’s payments revenue saw a modest increase of 6.25%, rising from ₹259.2 crore in FY23 to ₹275.4 crore in FY24. The company operates as both an online payments aggregator and an offline payment acceptance platform.
Ketan Patel, Co-Founder and CEO of Mswipe, attributed this financial turnaround to strategic cost reductions and the decision to bring its entire paytech platform in-house.
“The reason for the improved financial performance is because we were able to reduce our costs. But the major factor has been, we invested in ourselves; the entire paytech platform is now in-house. From the onboarding platform to the risk management platform to the gateway to the switch, everything is in-house and that’s how we’ve been able to reduce costs,” said Patel.
The company also shifted its strategy from competing with banks to collaborating with them.
“Earlier we started by competing with banks. We realised that is not the game we want to play. We would rather partner with them. Currently, we partner with around 40 banks, which has significantly reduced our acquisition costs to as good as zero,” Patel added.
Looking ahead, Patel is optimistic about Mswipe’s growth trajectory. “In the current year also, we should be PAT positive for sure. We’ll grow by around 30% in this financial year (FY25). In the current year and going forward, we are going to focus on the payment gateway business and international markets. These two are our focal areas, and we believe we can create the disruption we’ve always aimed for.”
Mswipe has already started its international operations in the UAE in FY25, with plans to expand to six or seven countries over the next year.
“We’ve just started something in Singapore and are planning to set up operations in Malaysia, Nepal, Bahrain, and the UK in the next 12 months,” Patel shared.
The company expects its international operations to play a major role in its future revenue and profitability.
“Going forward, I think on the revenue side, international will contribute about 40% of the total revenue and around 50% of the profits,” Patel concluded.
Additionally, Ranjan R Reddy, Founder and CEO of Bureau, shared insights on the company’s plans for utilising its recent $30 million funding round. With this latest investment, the identity verification startup has raised a total of approximately $50 million to date.
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