Fintech startup Mylapay has raised Rs 4.6 crore ($550K) in a seed round led by venture capital firm CDM Capital. The round also saw participation from Singapore based Saison Capital (Credit Saison’s Venture Capital arm) and 77 Capital (lead by Amit Goel).
The proceeds will be used to enhance its cloud-based infrastructure and strategically expanding the scope of its business operations.
Founded in 2019 by Mohanraj Ravi, Santhakumari Dhana Balakrishnan and Sundar Balasubramanian, Mylapay empowers payment aggregators and banks across the globe with a suite of payment processing capabilities, facilitated by a simplified API connection.
Mylapay claims to have shown progress over the past three years, with a 70% growth in FY 2023, and a sustained EBIDTA positive performance for two years running. The firm has expanded its reach by securing key partnerships with many payment aggregators and gateways and has taken its first steps into the international market with a UAE-based client.
The Chennai-based startup recently obtained approval from EMVCo for its EMV 3-D secure server product called ‘Mylapay Secure’.