Mayfair101 portfolio company PayMate targets up to $10 billion worth of transactions by end of 2020
Business to business digital payments and Mayfair 101 portfolio company PayMate, which recently teamed up with global digital payments giant Visa, has said that it is looking to grow the annual transactions on its platform from worth $4 billion to $7-10 billion by the end of 2020.
PayMate, launched in 2006 by Ajay Adiseshann, is also looking to get 25-30 per cent of its revenue from Central and Eastern Europe, Middle East and Africa (CEMEA) region in the next 24-36 months.
“With Visa partnership, we have expanded into the Middle East and will launch mid-June. We will then move into Egypt and also North Africa,” Mr Adiseshann said.
PayMate, which helps businesses automate supply chain payments and improve cashflows along with extending credit to small businesses through bank tie-ups, competes with Y Combinator backed Razorpay, PayUbiz, Infibeam’s CCAvenue and Instamojo to name a few.
“Visa has a significant focus on digitisation of B2B payments and we are teaming up with companies like PayMate to help simplify payables and receivables processes for businesses of all sizes,” Rakesh Khanna, Vice President, Head of Visa Business Solutions, CEMEA Visa had said earlier in a statement.
The company’s cloud-based platform helps digitise the procurement-to-payment cycle for businesses and enables them to switch to existing payment forms cash and cheques to digital payments. The platform automates the management of vendor payments, customer payments, and invoicing.
“The commercial payments opportunity in CEMEA region is of $8.7 trillion. We expect the region to contribute 25-30 per cent of our business over the next 24-36 months,” Adiseshann said.
Last year, PayMate had acquired peer-to-peer lending platform Z2P Technologies to offer a lending platform to small businesses.
India’s digital payments market aggregate less than $200 billion even as the size is likely to expand to $1 trillion by FY23 due to increasing mobile payments, said a report by investment banking firm Credit Suisse last year.
The global payments market was valued at $3,417 billion in 2018 and is expected to grow to $7,640 billion mark by 2024, as per market research firm Mordor Intelligence.