Indian procure-to-pay startup PayMate is seeking to raise $4 million, including a lead investment of $2 million from U.S.-based Felicitas Equity Fund, as well as additional funds from Astor Management and CXI Valley I, Inc42 reported.
In 2019, according to Crunchbase, FinTech PayMate was invested in by Visa, Recruit Strategic Partners, Brand Capital and Mayfair 101.
Describing the business, PayMate CEO Ajay Adiseshann’s LinkedIn profile stated: “PayMate works with large enterprises to facilitate seamless and real-time payments to vendors, and from customers. It enables small and medium enterprises to manage their business, cash flow and payments from a cloud based platform. It also enables banks to provide mobile banking services to their customers.”
Further describing its business in its LinkedIn profile, PayMate stated it “works with leading Visa commercial card-issuing banks to facilitate credit for both payables and receivables across supply chains moving traditional cash, cheque and EFT to card streams with several built-in risk-mitigating benefits for banks and extended days payables for buyers.”
Mumbai, India-based PayMate did not respond to a request for comment from inc42.com, according to the report.
Adiseshann previously founded Coruscant Tec and Webresource, according to his LinkedIn profile.
Last month, PayMate partnered with financial institution (FI) giants Visa and Citi to automate payables based in the United Arab Emirates.
The company is looking to expand its B2B payments platform, used by more than 105,000 Indian businesses, into other countries in the Central and Eastern Europe, Middle East and Africa region.
The partnership will help businesses in the region better manage end-to-end payments automation and save time and costs in handling their accounts payable (AP) and accounts receivable (AR) processes.
The “adoption of the PayMate platform will bring great value to those 79% businesses that are finding it tough to manage their cash flows, while easing the burden for businesses who are facing delays in payment for invoices in the region,” Adiseshann said at the time.