Other investors include Recruit Strategic Partners, Brand Capital, the investment arm of media conglomerate Times Group, and Mayfair 101.
The company has raised the funds to expand its business overseas. PayMate is a B2B digital payment company based in Mumbai. While it was launched as a mobile payment provider allowing consumers pay for online and retail purchases, pay billers among others, it pivoted as a B2B platform in 2013. It launched a PayPOS application that allowed small businesses to accept credit and debit cards and process electronic transactions directly on their smartphones at the point of sale devices.
Its cloud-based platform enables SMBs and SMEs to automate and digitise their entire procurement-to-payment cycle, including vendor management, vendor payments, invoicing, and supply chain financing options.
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