Business-to-business digital payment solutions provider PayMate has scooped up $25 million in its Series D round from Visa, Recruit Strategic Partners, and Brand Capital. Existing investor Mayfair 101 also participated in the round that will be completed by the next two months.
The Mumbai-based startup will be deploying the fresh capital to accelerate growth and expand its business overseas. Earlier this year, it had announced to foray into international markets such as the Middle East, Africa, and central and eastern Europe in collaboration with Visa.
PayMate essentially runs a proprietary B2B cloud-based payments platform and helps large enterprises and SMEs transition to digital payments, and manages vendor and customer payments and invoicing.
In addition to this, businesses can easily apply for credit at competitive rates. The firm has partnered with NBFCs and banks to provide credit to SMEs that it extended through its own platform.
The startup earns via the transaction fees and claims its revenue has jumped 400% over the past year. For FY19, it recorded $5 billion in processing volumes and aims to reach double-digit growth by the next fiscal.
Apart from expanding the business, PayMate has been looking to scale up for data localisation, sales, support and compliance activities.
Last year, PayMate had acquired peer-to-peer lending platform Z2P Technologies to offer a lending platform to small businesses. Backed by the likes of Lightbox Ventures, PayMate competes with Razorpay, PayUbiz, Infibeam’s CCAvenue, Instamojo in B2B space.
The development was reported by Mint.