Visa invests in the $25 M round of PayMate a B2B payment system based in India
PayMate, a company based in Mumbai that enables companies automate and digitize their payments, is collecting $25 million in a fresh round, its founder said, as it aims to grow its presence in India and global markets.
In an interview with TechCrunch, PayMate’s founder and CEO Ajay Adiseshann said the company has already collected a significant quantity of the $25 million it looks at in its Series D. These funds originated from Recruit Strategic Partners, Brand Capital, Visa, and current investor Mayfair 101. Adiseshann said that in 60 days he wants to close the round.
As a consumer-facing payment service, the 13-year-old company, which had raised $18 million before Series D, started its voyage. But, Adiseshann said, it rapidly moved its focus to business-to-business payment possibilities.
Today, PayMate creates and provides cloud-based alternatives for SME and business clients to assist them handle suppliers and clients ‘ invoices and payments. It also operates with Visa and issuing companies to provide clients with economic crediting options.
Last year, to take credit pile to its platform, PayMate purchased Z2P Technologies, a company that provides credit systems. In order to rank SMEs, it looks at transactional data on its platform and offers them third-party credits. PayMate also acts as a discounting marketplace, enabling big companies to negotiate deals with SMEs on an electronic basis.
In India, as with some other economies, small and medium-sized businesses often strive to obtain funding alternatives from significant companies. “India is a very financially collateral-based country. We have the visibility of their transaction data on our platform, “he said. This enables all stakeholders to create transparency and confidence.
The company has over 35,000 company clients who use their system to handle transactions in excess of $5 billion each year. It started activities in UAE previously this year, using the fresh funds to grow in Africa and areas of Europe, Adiseshann said.