VC Fund Investments
Fintech co. PayMate to raise $4-M: report
Mumbai-based B2B digital payment startup PayMate is looking to raise $4 million in a fresh round of funding. PayMate is to allot a total of 293 non-cumulative participating Compulsory Convertible Preference Shares (CCPS) to Astor Management AG, Felicitas Equity Fund, and CXI Valley I LLC. The fresh round is led by Felicitas, a US-based equity fund which will infuse $2 million. PayMate enables enterprise and small-medium enterprises (SMEs) businesses to automate and digitise their entire procurement to payment cycle (procure-to-pay). Its product features include vendor management, vendor payments, customer payments, invoicing, supply chain financing options, and more. The fintech startup had raised Series D round in 2019 led by Recruit Strategic Partners, Brand Capital, Mayfair 101 along with strategic partner Visa. Prior to the Series D round, it had raised $15.5 Mn from investors such as Kleiner Perkins Caufield & Byers (KPCB), Sherpalo Ventures, Mayfield Fund and Lightbox Ventures. In 2018, Paymate had acquired micro-lending firm Zaitech Technology (Z2P).
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