Indian payments platform jumps into supply chain payments as competition grows
PayMate, which is an India-based payments automation company, has launched a supply chain payments platform for large enterprises and SMEs. This year, AmEx also launched an accounts payable solution ‘American Express One AP’ for U.S. businesses to process suppliers’ payments. Back in October of last year, Bank of America Merrill Lynch had introduced the Accounts Payable Optimization tool.
Under this tool introduced by PayMate, the integration will allow businesses to lengthen their purchases on credit through commercial cards and SMEs would receive their payments early via discounting cash flows. In addition to this, businesses can also make GST payments.
The company uses cloud technology which brings complete procure-to-pay cycle online. Last year in July, the company had raised $25 million Series D which was led by Visa, Recruit Strategic Partners, Brand Capital. Prior to Series D funding, the company had raised $18 million. This funding was to be used for expansion within India and internationally to Central and Eastern Europe, the Middle East and Africa (CEMEA).