How Mayfair 101 portfolio company PayMate is overcoming strict regulations
Updated: Apr 8, 2020
PayMate is a cloud-based B2B payments platform digitising the procurement-to-payment cycle for businesses. It helps large enterprises and SMEs transit from traditional to digital payments.
At present, PayMate claims to be processing over $5 billion annually. Backed by Mayfield Fund, Lightbox Ventures, and Mayfair 101, it recently raised $25 million from Visa and the Bennett Coleman & Co Ltd (BCCL).
Challenges on the way
In its initial years, PayMate allowed customers to use their mobile phones to shop online and make utility bill payments. With this, Ajay went on to acquire both online and offline customers. But despite getting some prominent first customers such as CitiBank, Naukri, and JeevanSaathi.com, Ajay says, the journey was not all uphill.
“We were an unknown commodity. Going up to a bank, which had a list of compliances - just demonstrating the product and convincing them that this was secure was a challenge. We demonstrated our product to the banking partners and stakeholders that we had built an end-to-end and basic technology, which was a highly secure mobile payments platform,” says Ajay.