Visa, Recruit Strategic Partners, and Brand Capital have invested $25 million in digital payment solutions startup PayMate.
Earlier this year, it announced plans to enter international markets such as the Middle East, Africa, and central and eastern Europe, in partnership with Visa, The startup now plans to use the new funds to drive growth and expand its business overseas.
PayMate is a Business-to-Business (B2B) digital payment company headquartered in Mumbai. It was launched in mid-2006 as India’s first mobile payments provider that allowed consumers to use their mobile phones to pay for online and retail purchases, make utility bill payments, purchase tickets, etc. via their bank account, credit card or a prepaid account.
In 2012, PayMate launched a PayPOS application, which allowed small businesses to accept credit and debit cards and process electronic transactions directly on their mobile phones at the point of sale devices (POS). The company in association with Tata Indicom and Corporation Bank launched Green Money Transfer, a person-to-person mobile money transfer facility.
PayMate eventually shifted its focus on B2B payments and announced that it had started processing in excess of $500M in annualized payment processing.
In January 2018, PayMate announced the signing of a special partnership agreement with Visa.
PayMate today develops and offers cloud-based solutions for SME and enterprise customers to help them manage invoices and payments from vendors and customers. It also works with Visa and issuing banks to offers crediting financial option to customers
The startup has over 35,000 business customers that use its platform to process more than $5 billion in payments each year. It began operations in UAE earlier this year and will use the new capital to expand in Africa and parts of Europe
Second quarter of this year has observed some dip in investments across tech sector worldover.however, for asian market to sceario is much grimmer. Though a gradual boost is expected in investement as the geopolitical equations get clearer.