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Mumbai based payment automation platform for enterprises has raised $25m in Series D funding, securing commitments from Recruit Strategic Partners, Visa, Brand Capital and return backer Mayfair 101.
“India is a very collateral-based in financing. On our platform, we have the visibility of their transactional data. This helps establish transparency and trust between all the stakeholders,” said Ajay Adiseshann, founder and CEO . Last year, PayMate acquired Z2P Technologies, a startup that offers lending technologies, to bring lending stack on its platform. It looks at transactional data on its platform to score SMEs and offer them credits from third-party lenders. PayMate also serves as a discounting marketplace, allowing large enterprises to electronically negotiate offers with SMEs.
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