India’s PayMate announced it has raised a new round of growth capital to accelerate expansion within India and internationally to Central and Eastern Europe, the Middle East and Africa (CEMEA).
The $25 million series D round includes investments by Visa, Recruit Strategic Partners, Brand Capital, existing investor Mayfair 101 and others, the Economic Times reports. The 13-year-old startup previously raised $18 million prior to the series D.
Visa’s tactical investment enhances its successful partnership with PayMate in India and the recent expansion of their relationship in the CEMEA region.
“We are very excited to have Visa come on board 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,” said Ajay Adiseshann, PayMate founder and CEO. “In addition, Recruit holdings from Japan, our existing investor Mayfair101 and Brand Capital’s participation in this round further validates our business model, traction and growth potential.”
PayMate said its award-winning platform serves 35,000 businesses processing about $5 billion in payments annually. The cloud-based software uses automated solutions for business payment process and provides the infrastructure for the swift transfer of funds. It lets enterprise and SME businesses automate and digitize their entire payment cycle. Features include vendor management, vendor payables, customer receivables and more.
“There is an opportunity to bring efficiencies into the B2B payments supply chain via richer data and automated processes,” said T. R. Ramachandran, Visa’s group country manager for 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.”
Visa started using PayMate in January 2018 to provide a B2B payment platform for joint customers. A year later in February 2019, PayMate broadened its partnership with Visa to include businesses in the Central and Eastern Europe, Middle East and Africa (CEMEA) area.
PayMate said in May it was planning to grow the value of B2B transactions processed on its platform annually from $4 billion to $10 billion by the end of the decade.