PayMate raises series D to accelerate growth
PayMate,a B2B payments company in India, has raised a new round of growth capital to accelerate expansion within India and internationally to Central and Eastern Europe, Middle East, and Africa (CEMEA).
Investors in this Series D round include: Recruit Strategic Partners (Venture capital Arm of Recruit Co. Ltd. Japan), Brand Capital, existing investor Mayfair 101, and Visa.
This strategic investment by Visa in PayMate complements the two company’s successful partnership in India and the recent expansion of their relationship in the Central European, Middle East and Africa regions.
PayMate’s cloud-based platform enables enterprises and SME businesses to seamlessly automate and digitise their entire procurement to payment cycle (procure-to-pay). Features include: vendor management, vendor payments (payables), customer payments (receivables), invoicing, supply chain financing options, and many more.
The paytech has worked closely with Visa and multiple banks in India to enable businesses with digital payments, faster access to credit, and more efficient ways to manage cash flow.
In March 2019, PayMate announced its expansion into the Central Europe, the Middle East and Africa (CEMEA) region in partnership with Visa. Through this partnership, Visa’s commercial financial institution clients will extend PayMate’s platform to their corporate and small business customers, giving these customers the ability to make faster payments using Visa commercial cards.
Speaking about the fund-raise, Ajay Adiseshann, founder and CEO of PayMate adds: “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.”
“PayMate’s platform makes it possible for businesses to replace time-consuming, expensive manual processes with digital ways to manage their working capital,” says T R Ramachandran, group country manager, India and South Asia at Visa.
“We believe it is critical to partner with local players who are bringing innovation to our global payments network, and our investment in PayMate reflects that.”
Recruit Strategic Partners comments: “For SMBs that struggle to access capital not just to grow but to survive, flow of funds becomes the life blood of any supply chain. PayMate is trying to remove the blockages in this flow through its holistic platform that automates the business payment process and provides essential rails to move the funds swiftly and efficiently. We are very excited to join PayMate’s journey to fix B2B payments in India and beyond.”
The company aims to help businesses become more efficient, cut operational costs, gain greater control and transparency, and improve cash flows. Over 35,000 businesses use PayMate and it processes approximately $5 billion in payments annually.