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Indian B2B payment firm PayMate gets $25 mn from Visa, others

Image result for paymate founder

Ajay Adiseshann, Founder, PayMate

Indian business payments start-up PayMate has raised around $25 million in Series D from a few strategic investors including global card payments company Visa Inc.

Other investors that participated in the round include Recruit Strategic Partners, Brand Capital, the investment arm of media conglomerate Times Group and Mayfair 101.

According to a report in financial daily Mint, the company has raised the funds to expand its business overseas.

PayMate, founded by Ajay Adiseshann in 2006, is a business-to-business (B2B) digital payment company based in Mumbai. While it was launched as a mobile payment provider allowing consumers pay for online and retail purchases, pay billers among others, it soon pivoted as a B2B platform in 2013. It launched a PayPOS application that allowed small businesses to accept credit and debit cards and process electronic transactions directly on their smartphones at the point of sale devices.

Its cloud-based platform enables SMBs and SMEs to automate and digitize their entire procurement-to-payment cycle, including vendor management, vendor payments, invoicing, and supply chain financing options.

Visa’s recent investment in PayMate follows a strategic partnership that it signed with the latter last year to help the company expand into the Middle East, Africa, and parts of Europe this year.

As per the Mint report, PayMate claims that its revenue has jumped 400% over the past year to record $5 billion in processing volumes for FY19 and is eyeing $7-10 billion processing volume next fiscal.

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