Industry Digital Payments Website www.gopaymate.com Founded May 2006 | Products Payments Headquarters Mumbai Type of business Private | |
Key people Ajay Adiseshann, Founder and CEODhruv Singh, COORavi Vishwanathan, CFO Profiles | ||
Boc paymate english
PayMate is a leading provider of electronic Business-to-Business(B2B) payment solutions based in Mumbai.
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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.
PayMate India was funded in 2006 by Silicon Valley-based venture capital companies Kleiner Perkins Caufield & Byers and Sherpalo Ventures. Additional investors include Mayfield Fund and Lightbox Ventures.
In 2008, PayMate expanded to Sri Lanka by partnering with the Bank of Ceylon. PayMate is also present in Nepal, partnered with a number of banks there.
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).
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).