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 the 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.
Bu hikaye Mint Kolkata dergisinin January 02, 2025 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Kolkata dergisinin January 02, 2025 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Insights on When to Step Back From the Stock Market
The stock surge since 2020 has made it harder to convince investors to step back if needed
What Course Will C.S. Setty Plot For SBI?
The new chairman's biggest challenge is to figure out where to steer a bank that is already humongous in size
How this veteran fund manager is adapting to new market realities
After three decades of beating the indices, Prashant Jain shifts his strategy to brace for more tempered returns
Kalyan Jewellers' Q3 sales jump 39%
Kalyan Jewellers on Tuesday said its consolidated revenue increased 39% year-on-year during the third quarter of the current fiscal, driven by strong festive and wedding demand.
Indian Infants Grew Cotton for Brands
Investigation into cotton farms in Madhya Pradesh reveals use of child labour.
Belson Coutinho is Akasa's new COO
Domestic carrier Akasa Air on Tuesday announced the appointment of its co-founder and marketing veteran Belson Coutinho as the company's chief operating officer (COO) from January.
Strong earthquake in Tibet kills more than 120, flattens houses
A strong earthquake struck the foothills of the Himalayas near one of Tibet's holiest cities on Tuesday, killing at least 126 people and flattening hundreds of houses, Chinese authorities said.
Indian Tech Story Is Fascinating
The Indian technology story is \"fascinating\", and we hope it continues to grow at consumer electronics show (CES) where numerous startups and entrepreneurs from India are showcasing their innovations, a top executive at the world's largest tech event said.
Oyo Hotels revenue declines 15% in FY24
Oyo Hotels and Homes Pvt. Ltd reported a sharp decline in revenue in FY24, which fell 15% to ₹1,113 crore for the fiscal year.
Duty cut on phone parts to hit jobs
Any reduction in the customs duty on smartphone parts in the forthcoming budget will harm India's developing component ecosystem, discourage investment, increase imports and make local firms uncompetitive, potentially resulting in job losses, think tank GTRI said on Tuesday.
