Procure-to-Pay Startup PayMate Eyes Funding to Shore Up Reserves – PYMNTS.com

Indian procure-to-pay startup PayMate is seeking to raise $4 million, including a lead investment of $2 million from U.S.-based Felicitas Equity Fund, as well as additional funds from Astor Management and CXI Valley I, Inc42 reported. In 2019, according to Crunchbase, FinTech PayMate was invested in by Visa, Recruit Strategic Partners, Brand Capital and Mayfair 101. Describing the business, PayMate CEO Ajay Adiseshann’s LinkedIn profile stated: “PayMate works with large enterprises to facilitate seamless and real-time payments to vendors, and from customers. It enables small and medium enterprises to manage their business, cash flow and payments from a cloud based platform. It also enables banks to provide mobile banking services to their customers.” Further describing its business in its LinkedIn profile, PayMate stated it “works with leading Visa commercial card-issuing banks to facilitate credit for both payables and receivables across supply chains moving traditional cash, cheque and EFT to card streams with several built-in risk-mitigating benefits for banks and extended days payables for buyers.” Mumbai, India-based PayMate did not respond to a request for comment from inc42.com, according to the report. Adiseshann previously founded Coruscant Tec and Webresource, according to his LinkedIn profile. Last month, PayMate partnered with financial institution…
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