Best Fintech (Payments) Company Award for facilitating over USD5 billion of annual transactions
Updated: Apr 8, 2020
Mayfair 101 portfolio company, PayMate, has been awarded the Business Today award for the Best Fintech (Payments) Company. Facilitating over $5 billion of annualised transaction volume on its platform, PayMate has definitely set its sights high by globally expanding to 92 countries.
PayMate platform caters to small and medium enterprises (SMEs) by automating invoicing, payables and receivables functions. Its product allows SMEs to extend payables and provide timely or early payments to suppliers. This improves their process efficiency and transparency in cash flows.
PayMate's cloud-based platform enables SMEs to automate and digitise their entire procurement to payment cycle, including vendor management, vendor payments, invoicing, and supply chain financing options.
For many, a digital invoice is sending an invoice by email. "A truly digitised invoice is one sent on a platform that gets linked to a purchase order and other related pieces, and is completely reconciled into it. That is where we come in; to make it a unified stream of payment," says Adiseshann.
Supply chain ecosystems are fraught with delayed payments and funds needed in advance vis-a-vis due dates. Finding an opportunity in this, PayMate introduced different legs of credit facility based on data available on its platform - the first being a credit card or a commercial card for customers from banks and Visa. In January 2018, PayMate announced its partnership with Visa to enhance payment services. A couple of months later, it acquired Zaitech Technologies (Z2P), a digital lending firm, to strengthen its payments platform.
Backed by Mayfair 101, PayMate has raised USD $25 million in July from investors including Visa, Mayfield Fund, Lightbox Ventures and taking the total funds raised to $40 million.
In March 2019, the company announced a global expansion in collaboration with Visa in 92 countries to provide its issuing financial institution clients in the Central and Eastern Europe, Middle East and Africa (CEMEA) region access to PayMate's platform.
Having built critical mass in the form of over USD $5 billion of annualised transaction volume on its platform, PayMate is setting its sights high - at USD $8-10 billion - during the current year.