PayMate has partnered with NPCI Bharat BillPay Ltd to launch PayMate BBPS-B2B platform
Through this platform, PayMate aims to provide customers with access to multiple lenders for competitive financing rates and offers
The platform will also connect customers to a nationwide network of verified businesses, enabling faster background checks for improved security and efficiency
B2B payments solutions provider PayMate
has partnered with NPCI Bharat BillPay Ltd (NBBL) to launch PayMate BBPS-B2B platform.
Through the BBPS-B2B platform, PayMate aims to provide customers with access to multiple lenders for competitive financing rates and offers.
The platform will also connect customers to a nationwide network of verified businesses, enabling faster background checks for improved security and efficiency. Besides, it will offer a comprehensive solution for the entire invoice lifecycle, addressing challenges from customer onboarding, invoice generation, and financing, to collections, payments, reconciliation and settlement, the company said in a statement.
The partnership aims to serve 634 Lakh MSMEs and 16.6 Lakh corporates across India. The platform will empower corporate, mid-market and SME clients with features like business background checks, real-time invoice status visibility, access to multiple financiers, and streamlined reconciliation processes.
Ajay Adiseshann, founder, MD and CEO, PayMate said, “This aligns perfectly with our mission to empower corporates and MSMEs by streamlining B2B transactions, driving growth, and paving the way for a more efficient future for Indian businesses.”
Founded in 2006 by Adiseshan, PayMate is backed by investors, including Visa, Lightbox and Recruit Strategic Partners. The startup initially filed its Draft Red Herring Prospectus (DRHP) with SEBI in 2022 but did not proceed with the IPO due to volatile market conditions.
Earlier last year, PayMate told Inc42 that it might refile its DRHP soon, depending on regulatory processes and market conditions. However, the draft papers for the IPO have yet to be refiled.
