Alpha Wave Global-backed payments fintech Mswipe is expanding its international network into three new regions to take advantage of higher margins, said co-founder and chief executive Ketan Patel, following a series of pivots in the business and marginal growth in revenue in the last fiscal.
The company plans to expand into UK, Malaysia, Nepal, and other markets within the next six months, following its successful entry into the United Arab Emirates (UAE) and Singapore in 2024, Patel told Mint on 31 December.
Currently, the international business contributes about 10% to Mswipe's revenue, but Patel said the company aims to grow this share to about 40% as new markets mature in the next three years.
"In the United Arab Emirates, we have 5,000 merchants and process $150 million in transactions monthly. We have expanded to Singapore and plan to grow transaction volumes to $50 million per month in 12-18 months," said Patel.
Patel noted that while India remains important for Mswipe, the potential for higher profits in international markets has driven the company's focus on expanding into the five key global regions.
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