PayMate raises $25 million from Visa to expand to Africa and other markets
India based PayMate, a B2B payments provider has raised $25 million in a new series D round from Visa to expand to Africa, Eastern Europe and the Middle East. Other investors include Japan’s Recruit Strategic Partners, Brand Capital, and existing investor Mayfair 101.
“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,” Ajay Adiseshann, founder and CEO of Paymate, said in a company release.
This strategic investment by Visa in PayMate complements the two company’s successful partnership in India and the recent expansion of their relationship in the Central European, Middle East and Africa regions.
PayMate’s, cloud-based platform enables Enterprise and SME businesses to seamlessly automate and digitize their entire procurement to payment cycle (Procure-to-Pay). Features include vendor management, vendor payments (Payables), customer payments (Receivables), invoicing, supply chain financing options, and many more. It helps businesses become more efficient, cut operational costs, gain greater control and transparency, and improve cash flows. Over 35,000 businesses use PayMate and it processes approximately $5B in payments annually.
PayMate has worked closely with Visa and multiple banks in India to enable businesses with digital payments, faster access to credit, and more efficient ways to manage cash flow. In March 2019 PayMate announced its expansion into the Central Europe, the Middle East and Africa (CEMEA) region in partnership with Visa. Through this partnership, Visa’s commercial financial institution clients will extend PayMate’s platform to their corporate and small business customers, giving these customers the ability to make faster payments using Visa commercial cards.
PayMate’s award-winning platform is currently being used by more than 35,000 customers processing more than $5B in annualized transaction processing volume run rate.