India’s PayMate raises $25 million from Visa, Recruit to accelerate expansion within India and into Africa

26 July 2019

Money Transfer

India’s PayMate, a B2B payments in India has raised $25 million in a new series D round of growth capital to accelerate expansion within India and internationally to Central and Eastern Europe, Middle East, and Africa (CEMEA).

The investors included Japan’s Recruit Strategic Partners, Brand Capital, existing investor Mayfair 101, and Visa. Visa and PayMate will extend their working partnership in India and Central Europe, Middle East and Africa regions.

In a statement, Ajay Adiseshann, Founder & CEO, PayMate, “We are very excited to have Visa come onboard 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.”

Ajay added that the participation of Recruit holdings from Japan, existing investor Mayfair101 and Brand Capital further validates the firm’s business model, traction and growth potential.

Africa is becoming a major market for global players. Recently Naspers PayU’s successfully launched Kenyan operations after approved by the Central Bank of Kenya. According to PayU, launch into Kenya is a door to Tanzania, Uganda and Rwanda – countries that have shown real GDP growth.

Read the full article on TechMoran here.