A B2B payment company in India, PayMate has raised $25 million in a new round of funding. The newly acquired series D fund will be used to expand operations within India, Europe, the Middle East, and Africa.
The sum was invested by Japan’s Recruit Strategic Partners, Brand Capital, and existing investors – Mayfair 101 and Visa. Visa will extend their standing partnership with PayMate in India to the new markets across Europe, the Middle East, and Africa.
See also: Visa Acquires New Payment Gateway Payworks
The CEO and founder of PayMate, Ajay Adiseshann, expressed excitement to continue partnering with Visa to scale beyond India. In his words, “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.”
He also mentioned that the participation of Recruit Holdings, Mayfair 100 and Brand Capital further validates their business, tractions and potential to scale.
PayMate helps SMEs and businesses to automate and digitize their entire procurement processes. Some of their services include vendor management, vendor payments, customer payments, invoicing, and supply chain financing options.
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