India-based B2B digital payment solutions provider PayMate has secured a series D financing to expand its domestic and international operations.
PayMate will use the new growth capital for the expansion of its operations within India, as well as internationally to Central and Eastern Europe, the Middle East, and Africa (CEMEA).
Investors who participated in the latest financing round are Recruit Strategic Partners, Brand Capital, existing investor Mayfair101, and Visa.
Visa’s strategic investment in PayMate is said to complement both firms’ successful partnership in India, in addition to the expansion of their partnership in the Central European, Middle East and Africa regions.
PayMate’s cloud-based platform for enterprise and SME businesses
According to PayMate, its cloud-based platform will allow enterprise and SME businesses to automate and digitise the complete procurement to payment cycle (procure-to-pay).
The platform provides various features, including vendor management, vendor payments (payables), customer payments (receivables), invoicing, supply chain financing options and others.
It will also enable businesses to reduce operational costs, enhance control and transparency, and optimise cash flows.
PayMate’s platform, which is used by more than 35,000 businesses, processes around $5bn (£4bn) payments per annum.
In India, PayMate has worked Visa and multiple banks to provide businesses with digital payments, quick access to credit and effectively manage cash flow.
In March this year, PayMate announced that it has collaborated with Visa to expand its operations to the CEMEA region.
Via collaboration, Visa’s commercial financial institution clients can extend PayMate’s platform to their corporate and small business customers, helping to make quicker payments using Visa commercial cards.
PayMate founder and CEO Ajay Adiseshann said: “We are very excited to have Visa come onboardas an investor which will help complement our existing commercial partnership with them and help us scale faster by combining capital with Visa’s network.
“In addition, Recruit holdings from Japan, our existing investor Mayfair101and Brand Capital’s participation in this round further validates our business model, traction and growth potential.”
Based in Mumbai, PayMate was established in 2006 and currently has a customer base of more than 30,000 businesses, including buyers and suppliers.
