Mayfair 101 is playing a pivotal role in the growth story of global digital payments company PayMate as lead investor in PayMate’s series D fundraising round.
This investment in PayMate’s US$25 million fundraising round is the international investment and corporate advisory group’s third.
The series D fundraising round is also being supported by credit card giant Visa and leading Japanese investor Recruit.
PayMate, which is headquartered in India, has experienced strong growth in the 2019 financial year with a 400% increase in revenues and handled transaction value of US$5 billion.
Plan to grow transactions
Assisted by the investment of Mayfair 101, the latest fundraising round will be used to grow the volume of annual transactions on PayMate’s platform to a forecasted US$7-10 billion by the end of 2020.
PayMate’s international expansion plans are focused towards supporting other developing economies where the scope to digitise business transactions is yet to be fully realised.
Partnership with Visa
Through a five-year strategic partnership with Visa, PayMate will launch in the Middle East, Egypt and North Africa.
Mayfair 101 founder and managing director James Mawhinney said: “PayMate estimate the commercial payments opportunity in the CEMEA region to be around $8.7 trillion.
“Mayfair 101 very early on recognised the potential of PayMate’s platform, first investing in 2017 and again in 2018.”
The PayMate platform helps businesses to automate supply chain payments and improve cashflow, alongside extending credit to small business through bank relationships.
PayMate’s growth story has largely resulted from its ability to ease a critical pain point in digital maturity between large enterprises and small businesses.
This is a worldwide challenge but especially so in India’s booming economy, where the majority of PayMate’s transactions have taken place to date.
“Supporting growth of developing economies”
Mawhinney added: “PayMate is playing a pivotal role in supporting the growth of developing economies and Mayfair 101 is delighted to have returned for a third time to lead their series D fundraising round.
“Mayfair 101 looks forward to continuing to work closely with the PayMate team as they continue to innovate, inspire and enable the next generation of businesses in key global markets.”