Paymate Surpasses $10 Billion Payments, Readies for IPO
8 June 2023
Paymate, India's leading business-to-business digital payment platform, has surpassed a significant milestone by processing over $10 billion in payments since its inception. This remarkable achievement demonstrates the company's position as a key player in the Indian fintech landscape and highlights its commitment to transforming the digital payments ecosystem in the country.
Founded in 2006, Paymate India quickly emerged as a frontrunner in the payment processing industry, providing businesses and consumers with a secure, efficient, and user-friendly platform for seamless transactions. Over the years, the company's innovative approach and dedication to customer satisfaction have resulted in exponential growth, earning the trust of thousands of merchants and millions of users
“We have grown from 3 billion of transaction processing volume in 2021 to around 11 billion as of FY23, around 3X growth,” said founder and CEO, Ajay Adiseshan.
PayMate's revenues grew from about $46 million in FY22 to about $180 million in FY23.
Paymate's ascent to surpassing $10 billion in payments is a testament to the platform's robust technology, reliability, and commitment to data security. By empowering businesses of all sizes to accept digital payments, Paymate has played a pivotal role in driving India's digital transformation and accelerating the shift away from cash transactions.
“We are doing a pre-IPO fundraising, there is also interest from investors both new and existing. We are going IPO that is inbound but we might raise a round pre-IPO to fuel our working capital needs,” Adiseshan told Moneycontrol.
