Visa has invested in the round following on its collaboration with PayMate
Reports confirms that PayMate, a business payments start-up, has recently secured investments under a Series D round of funding from a number of investors, including international card payments company Visa Inc., to expand its business overseas and accelerate overall growth.
Apparently, as part of an ongoing $25 million round, the new investors along with Visa are Recruit Strategic Partners and Brand Capital. Present investor Mayfair 101, an Australia based corporate advisory firm, had also participated in the funding round.
Sources close to the matter informed that the cloud-based platform of PayMate allows small and medium businesses and enterprise to digitize and automate their overall procurement-to-payment cycle, including vendor payments, invoicing, vendor management and supply chain financing solutions.
According to founder of PayMate, Ajay Adiseshann, it formerly begun as a consumer-facing mobile payments platform before the app payments wave set out in India. Between the year 2011 and 2013, it increasingly pivoted towards targeting businesses, since companies are more reliable, have elongated sales cycles, and the firm also found more use cases for businesses.
Sources further mentioned that the investment from Visa follows its collaboration with PayMate, which aided the start-up expand in India in 2018, and in Africa, Middle East, and parts of Europe in 2019. In 2018, Visa had acquired a minority stake in payments gateway BillDesk, at an company valuation of $1.8 billion.
Group Country Manager of Visa, South Asia and India, T R Ramachandran stated that there are ample opportunities to bring efficiencies into the B2B payments supply chain through automated processes and richer data.
Seemingly, PayMate also considers Lightbox Ventures, a venture capital fund, as a key investor and early supporter, however, Lightbox did not participate in the existing round. Razorpay is another B2B payments startup, which has raised $75 million led by Ribbit Capital and Sequoia Capital, while Pine Labs is closing a $75 million round of funding from present investors including sovereign fund of Singapore- Temasek and PayPal.