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PayMate, which is a B2B digital payment company which is based out of Mumbai, has now secured an un-disclosed amount of funding in the Series D from the Brand Capital, Mayfair 101, Recruit Strategic Partners along with the collaboration from strategic partner Visa.
“We are very excited to have Visa come on board 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 the Probir Roy and Adiseshann in the year 2006. It is a digital platform which enables the SME and enterprise businesses to automate and digitize their entire process to payment cycle seamlessly.
Its product features include customer payments, supply chain financing options, invoicing, vendor payments, and more.
While in the month of March 2019, the platform partnered with the Visa to expand its operations to 90 countries in the Middle East, Africa, and Central Europe.
Till now, the company has secured more than $14.5 Million in disclosed funding from the investors.
The company even claims to help the business become more efficient, effective, gain greater control, cut operational costs, and improve cash flows.
PayMate uses automated solutions for the business payment process and provides the infrastructure for the swift transfer of funds to SMB’s.
Moreover, the company had also collaborated with the multiple banks in India, which include the AXIS Bank, ICICI Bank, HDFC Bank, and State Bank of India. The company has also claimed to have enabled more than $402 Million in credit to SME’s for their working capital.