PayMate

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PayMate India
Private
Industry Digital Payments
Founded May 2006
Headquarters Mumbai, India
Key people
Ajay Adiseshann, Founder and CEO[1][2]Dhruv Singh, COO[3]Ravi Vishwanathan, CFO[4]
Products Payments
Website www.gopaymate.com

PayMate is a leading provider of electronic Business-to-Business(B2B) payment solutions based in Mumbai.[5]

PayMate helps large Enterprises and SMEs transition from traditionally slow and costly forms of payments like cash and checks to real-time and efficient digital payments. PayMate provides business customers the ability to automate and seamlessly manage vendor payments (AP), customer payments (AR), invoicing, and cash flow. In addition, businesses can easily apply for working capital financing at competitive rates. Multiple forms of electronic payment channels are supported including cards, net-banking, ACH, NEFT, RTGS, and IMPS. All services are delivered via its proprietary cloud based, payments platform and can be accessed on any web enabled desktop or mobile device. Processing of high volume transactions, payment settlement, mitigating risk, and security are core elements of the proprietary platform. PayMate is a PCI-DSS compliant and adheres to the highest standards and industry best practices for compliance, security, and risk. PayMate is a key player in the travel industry in India with over 13,000 registered agents and processing relationships with key airline and rental car companies. It's banking partners include State Bank of India, HDFC Bank, Axis Bank, Corporation Bank, Kotak Bank, Syndicate Bank, South Indian Bank, Dena Bank, ABN Amro ABN Amro.[6]

PayMate India was funded in 2006 by Silicon Valley-based venture capital companies Kleiner Perkins Caufield & Byers and Sherpalo Ventures.[7][8][9][10] Additional investors include Mayfield Fund and Lightbox Ventures.

In 2008, PayMate expanded to Sri Lanka by partnering with the Bank of Ceylon.[citation needed] PayMate is also present in Nepal, partnered with a number of banks there.[citation needed]

In 2012, Paymate launched a PayPOS application, which allows small businesses to accept credit and debit cards and process electronic transactions directly on their mobile phones at the point of sale (POS).[11]

In 2013, PayMate made a pivot to focus on B2B payments.

In 2016, PayMate establishes itself as the clear leader in B2B payments in India. Announced it has crossed $2B in annualized Gross Processing Volume (GPV). [12]

Sources[edit]

  1. ^ "MyGiftMate: Gift thye SMS Way - Jaya Smitha Menon - SiliconIndia Magazine". Siliconindia.com. 2008-08-01. Retrieved 2010-07-27. 
  2. ^ "PayMate Founder Ajay Adiseshann on E-Commerce via SMS". PodTech.net. 2007-05-02. Retrieved 2010-09-28. 
  3. ^ "Our Team". paymate.in. Retrieved 2017-02-19. 
  4. ^ "Our Team". paymate.in. Retrieved 2017-02-19. 
  5. ^ "Contact PayMate". Paymate.co.in. Retrieved 2010-07-27. 
  6. ^ "ABN Amro, PayMate tie up for mobile payments-Banking-Banking/Finance-News By Industry-News-The Economic Times". Economictimes.indiatimes.com. 2008-05-22. Retrieved 2010-07-27. 
  7. ^ "PayMate Raises US $9 Million from Mayfield Fund, Kleiner Perkins Caufield & Byers and Sherpalo Ventures",Indo-American News, 20 June 2008
  8. ^ "India's PayMate Closes $9 Million Second Round Financing", Payments News, 10 June 2008
  9. ^ "Venture capitalists invest $9 mN in PayMate", Economic Times, 11 June 2008
  10. ^ "PayMate raises $9 million in second-round funding", Business Standard, 10 June 2008 Archived October 16, 2008, at the Wayback Machine.
  11. ^ http://www.medianama.com/2012/05/223-paymate-paypos/
  12. ^ http://www.newsnow.in/article/paymate-india-surpasses-2b-in-annual-gpv