PayMate, a B2B digital payments company, based out of Mumbai, has secured an undisclosed amount in Series D funding from Recruit Strategic Partners, Brand Capital, Mayfair 101, along with participation from strategic partner Visa.
“We are very excited to have Visa come onboard as an investor which will help complement our existing commercial partnership with them and help us scale faster by combining capital with Visa’s network,” Ajay Adiseshann, founder and CEO of PayMate said
PayMate was founded by Adiseshann and Probir Roy in 2006. It is a digital platform which enables enterprise and SME businesses to seamlessly automate and digitise their entire procurement to payment cycle (procure-to-pay).
Its product features include vendor management, vendor payments, customer payments, invoicing, supply chain financing options, and more.
While, in March 2019, the platform partnered with Visa to expand its operations to 92 countries in Central Europe, Middle East and Africa.
Till date, the company has raised over $14.5 million in disclosed funding from investors.
“PayMate is well placed to build on its success in India to become the default provider of B2B payments in the South Asia & CEMEA regions,” James Mawhinney, managing director of Mayfair 101, said.
The company claims to help businesses become more efficient, cut operational costs, gain greater control and transparency, and improve cash flows.
PayMate uses automated solutions for business payment process and provides the infrastructure for swift transfer of funds to SMBs.
It claims to have signed up over 35K businesses to its platform, which are said to be processing approximately $5 Bn in payments annually.
Furthermore, the company had also partnered with multiple banks in India including State Bank of India, HDFC Bank, and Axis Bank. The company claims to have enabled more than $325 Mn in credit to SMEs for their working capital.
Some of the significant startups in the category includes Razorpay, Innoviti, CCAvenue, and many more.