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B2B payment company PayMate plans IPO of 400 million

PayMate India Pvt, a Mumbai-based business-to-business (B2B) payment solutions provider, has selected financial institutions to complete its IPO, which could raise around $ 400 million, Bloomberg reported on Tuesday (July 27).

The share sale could take place as early as 2022 and PayMate intends to submit a draft prospectus for the IPO by September, according to the news agency. ICICI Securities Ltd., JM Financial Ltd. and Nomura Holdings Inc. were reportedly selected to organize the stock sale.

The news follows an announcement that PayMate raised $ 25 million in a Series D round of growth capital in 2019 to drive expansion within India and internationally to Central and Eastern Europe, the Middle East and Africa. Funding for this round was provided by Visa, Recruit Strategic Partners, Brand Capital and existing investor Mayfair 101. The 15-year-old startup had previously raised $ 18 million.

PayMate is helping large businesses and small and medium-sized enterprises (SMBs) make the transition from cash and checks to digital payments. According to its website, the PayMate platform serves more than 90,000 companies. The functions of the cloud-based software include supplier management, supplier liabilities and customer receivables.

Earlier this year, PayMate said in an announcement that its platform processed more than $ 130 million in goods and services taxes monthly through bank-issued Visa business cards during the pandemic year. Transactions are expected to grow to more than $ 250 million per month in the fiscal year ending March 2022, the company said.

As PYMNTS previously reported, Visa began working with PayMate in January 2018 to improve its payment services for corporate customers. According to the previous report, Visa had selected PayMate to provide a business-to-business payment platform for joint customers, including SMBs struggling to manage manual payment methods. The PayMate platform helps automate processes including accounts payable and accounts receivable, eInvoicing and cash flow management.

By February 2019, PayMate expanded its partnership with Visa to include companies in Central and Eastern Europe, the Middle East and Africa.

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NEW PYMNTS DATA: GENERATION SUPERCONNECTED – THE COMING USER AUTHENTICATION SHIFT

About the course: Super connected consumers use a variety of connected devices to interact, shop, and pay online, but say password-based authentication slows them down. PYMNTS surveyed 2,127 consumers and found that these highly connected, highly desirable customers want financial institutions (FIs) and merchants to give up the password and provide a better, more secure way to authenticate online.

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