Visa invests in India-based B2B payments platform PayMate’s $25M round

TechCrunch | 7/22/2019 | Staff
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PayMate, a Mumbai-based startup that helps businesses automate and digitize their payments, is raising $25 million in a new round, its founder said, as it looks to expand its presence within India and in international markets.

In an interview with TechCrunch, Ajay Adiseshann, founder and CEO of PayMate, said the startup has already raised a substantial amount of the $25 million it is eyeing in its Series D. These funds came from Recruit Strategic Partners, Brand Capital, Visa, and existing investor Mayfair 101. Adiseshann said he expects the round to close in 60 days.

Startup - Series - D - Journey - Payments

The 13-year-old startup, which had raised $18 million prior to Series D, began its journey as a consumer-facing payments service. But it quickly shifted its attention to opportunities in business-to-business payments market, Adiseshann said.

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...
(Excerpt) Read more at: TechCrunch
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