Published by PYMNTS.com, 19 August 2020
Business-to-business (B2B) payments firm PayMate rolled out a technology to automate supply chain payments for large companies and the firms that supply them, CNBC TV18 reported.
“With a full-stack supply chain digitisation offering, PayMate is proud to bring greater value to our customers and channel partners,” PayMate Founder and CEO Ajay Adiseshann said per the news outlet.
PayMate’s new iteration will let large companies lengthen their purchases on credit through commercial cards and small and medium-sized enterprises (SMEs) to get early payments for invoices that are due in return for a portion of the proceeds.
The company says that its unique technology, which is based on the cloud, will bring the complete procure-to-pay cycle online.
In July 2019, PayMate announced that it had brought in a new round of growth funding to speed up its expansion in India and globally to Central Europe, the Middle East and Africa (CEMEA).
At the time, it was noted that the $25 million Series D round encompassed investments by Visa, Brand Capital, Recruit Strategic Partners, Mayfair 101 and others. Before the Series D round, the upstart had notched $18 million in funding.
It was also noted at the time that the tactical investment of Visa’s bolsters its successful collaboration with the FinTech in India and recent growth of their relationship in CEMEA.
“We are very excited to have Visa come on board as an investor, which will help complement our existing commercial partnership with them and help us scale faster by combining capital with Visa’s network,” Adiseshann noted at the time.
Separately, in December 2019, India-based accounts payable automation firm Finly had unveiled new funding as it looked to grow its B2B product selection.
Investors at AngelList India, Social Capital, Omphalos Ventures, 91springboard and Gemba Capital reportedly provided the funding.
Adith Podhar, Gemba Capital managing partner, said at the time, “We believe the team has built a fantastic SaaS product for the global market.”
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