Indian payments startup gets USD 25 mln from Visa, others

Monday 22 July 2019 00:33 CET | News

India-based payments startup PayMate has raised almost USD 25 million in Series D from strategic investors including Visa.

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

The company has raised the funds to expand its business overseas. PayMate is a 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 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 digitise their entire procurement-to-payment cycle, including vendor management, vendor payments, invoicing, and supply chain financing options.

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Keywords: India, payments, startup, B2B payments, Visa, credit card, debit card
Countries: World

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