B2B digital payment startup PayMate is looking to raise $4 Mn in a fresh round of funding. As per the regulatory filings accessed by Inc42, PayMate is allotting a total of 293 non-cumulative participating Compulsory Convertible Preference Shares (CCPS) to Astor Management AG, Felicitas Equity Fund, and CXI Valley I LLC. The fresh round is likely to be led by Felicitas, a US-based equity fund who will infuse $2 Mn in the startup.
A detailed query sent to PayMate elicited no response while publishing the story.
PayMate was founded by Ajay Adiseshann and Probir Roy in 2006. The startup enables enterprise and small-medium enterprises (SMEs) businesses to automate and digitise their entire procurement to payment cycle (procure-to-pay). Its product features include vendor management, vendor payments, customer payments, invoicing, supply chain financing options, and more. The regulatory filings reveal the startup is raising the fresh fund for “business purposes and to augment long term resources and capital base of the company.”
The fintech startup raised an undisclosed amount in Series D round in 2019 led by Recruit Strategic Partners, Brand Capital, Mayfair 101 along with strategic partner Visa. The startup prior to Series D round had raised $15.5 Mn from investors such as Kleiner Perkins Caufield & Byers (KPCB), Sherpalo Ventures, Mayfield Fund and Lightbox Ventures. As per Crunchbase, the startup has raised a total of $40.5 Mn funding from eight investors in over 5 round. The startup in 2018 acquired micro-lending firm Zaitech Technology (Z2P) with the aim of speeding up credit applications and the credit decision-making processes for small-medium enterprises.
The startup has partnered with Visa, SBI, ICICI Bank, Indusind Bank and Yes Bank. The startup claims that its solutions are used by Indigo airlines, automaker Honda, Crompton, Redington, among others.
The fintech startup has recently forayed into Saudi Arabia and Oman after entering the UAE market. The startup claims to have over 200 large and medium customers on its platform. The Mumbai-headquartered startup is also looking to enter central Europe, the Middle East and Africa in coming months.