PayMate
PayMate is a Mumbai-based B2B payments fintech that automates supply chain payments, invoice discounting, and AI-driven working-capital credit for enterprises, SMEs, and banks across India, APAC, and (until recently) the Middle East.
- Company typePrivate
- Founded2014
- HeadquartersMumbai, India
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What PayMate does
PayMate India Limited is a Mumbai-headquartered B2B payments fintech founded in 2006 that operates a full-stack supply chain payments automation platform targeting large enterprises, SMEs, and banks. Its core product suite combines four modules: Payments Automation (vendor and tax payments via commercial credit cards, with bulk GST/direct tax payments across 28 Indian states), Procure-to-Pay (ERP-integrated PO/GRN/Invoice matching and reporting), Invoice Discounting (an Early Payment Program using ML to allocate surplus enterprise capital against vendor invoices), and a Credit Engine (AI/ML-based working-capital underwriting that analyzes cash flows and seasonality). Supporting products include a BBPS-B2B platform on NPCI Bharat Connect rails, an API-as-a-Service layer for embedded payments, and a mobile app for SMB vendor and utility payments.
The platform monetizes primarily through commercial-card interchange fees on vendor and tax payments, plus transaction-based economics on its invoice discounting marketplace and API services; pricing is transaction-based under custom enterprise agreements with no publicly disclosed tiers. Distribution combines direct enterprise sales with bank-channel partnerships — Visa is a strategic Series D investor (US$25M, July 2019) and Mastercard is a multi-year EEMEA partner (November 2024), alongside Citi, National Bank of Oman, and Sohar International — supplemented by regional channel partners in Malaysia (De'Xandra) and an SAP Taulia integration for APAC/EMEA. The company reports FY22-23 Total Payment Volume of ₹84,519 crore (~US$10.1 billion) with 21% YoY growth and an 8-fold profit increase, and RedSeer (December 2021) classified it as India's largest B2B payments player.
Following the RBI's February 2024 ban on card-based business payments PayMate migrated to NPCI Bharat BillPay's Bharat Connect rails, and in September 2024 announced intent to acquire Singapore-based DigiAsia (US$400M valuation, Indonesia FAAS operations) with a view to listing the combined entity in India. Recent operating signals are negative: Middle East operations were shut in November 2025, investor Crimson Ventures delayed funding, salaries went unpaid, and senior leadership exited — indicating a company in financial stress whose IPO plans have stalled.
PayMate firmographics
Firmographics- Name
- PayMate
- Legal name
- PayMate India Limited
- Website
- https://paymate.in
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- PayMate is a Mumbai-based B2B payments fintech that automates supply chain payments, invoice discounting, and AI-driven working-capital credit for enterprises, SMEs, and banks across India, APAC, and (until recently) the Middle East.
- Ownership category
- akta.pro rank
PayMate industry classification
Industry- Product category
- B2B Payments and Supply Chain Finance Software
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Activities Related to Credit Intermediation (5223)
- SIC
- Miscellaneous Business Credit Institution (6159), Services-Prepackaged Software (7372)
- akta.pro primary industry
- Accounts Payable Automation & Supplier Payments (FSAGAJAD)
- akta.pro secondary industries
- Bill Pay, Invoicing & Payables Platforms (BPAMAFAF), Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)
Keywords
Where PayMate is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices3 records
Markets served
PayMate business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Commercial Card Transaction Interchange: PayMate earns interchange fees when businesses use commercial credit cards to make B2B payments through its platform, extending days payable outstanding for buyers while enabling suppliers to receive payments directly to their bank accounts.
- Invoice Discounting / Early Payment Discounts: PayMate facilitates invoice discounting where buyers offer early payment discounts to suppliers, generating revenue through the discount spread or transaction fees on the discounted invoices.
- Bharat Connect Platform Fees: Following RBI's February 2024 ban on card-based business payments, PayMate migrated to Bharat Connect platform operated by NPCI Bharat Billpay, likely generating platform or transaction fees.
- API/Embedded Payments Services: Revenue from API-as-a-service offerings enabling embedded B2B payment capabilities for enterprise customers and partners.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Transaction-based commercial card payments |
Go-to-market motion4 records
Distribution channels5 records
Marketing channels5 records
PayMate product offering
Product offeringCore offering
PayMate is a B2B payments and credit automation platform that helps enterprises and SMEs manage payables, receivables, procurement, and supply-chain finance. Its core offerings include Payments Automation (centralized vendor and buyer payments), Procure-to-Pay, Invoice Discounting (early-payment financing), and a Credit Engine that underwrites transactions. The platform is delivered via web, mobile apps, and APIs, with integrations to banks and ERPs.
Product overview
PayMate operates as a full-stack supply chain payments automation and credit platform offering an integrated suite of B2B payment solutions. The core portfolio consists of Payments Automation (enabling vendor and tax payments via commercial credit cards), Procure-to-Pay (ERP-integrated procurement-to-payment workflows), Invoice Discounting (early payment marketplace using ML optimization), and Credit Engine (AI/ML-driven working capital credit assessment). Additional offerings include a BBPS-B2B platform for India market, a Business Payments App for Malaysian SMEs, and API-As-A-Service for embedded payment capabilities. The platform is backed by Visa and Mastercard partnerships and integrates with NPCI Bharat BillPay for utility payments.
Differentiator
Problem solved
Functional benefit
Products and services
- Payments Automation Centralized B2B payables and receivables automation platform for enterprises and SMEs, enabling digital invoice processing, approval workflows, and multi-bank payment execution from a single dashboard.
- Procure-to-Pay End-to-end procurement-to-payment workflow solution covering purchase requisition, vendor onboarding, purchase orders, goods receipt, invoice matching, and payment, designed for enterprise finance and procurement teams.
- Invoice Discounting Supply-chain finance offering that enables suppliers to receive early payment on approved invoices from anchor buyers, providing short-term working capital at the point of invoice approval.
- Credit Engine Underwriting and credit-decisioning engine that dynamically evaluates buyers and suppliers to enable embedded short-term working-capital financing within PayMate's payments and procurement workflows.
- API-As-A-Service API-as-a-Service offering that exposes PayMate's payments, reconciliation, and credit capabilities via REST APIs for integration with ERP systems, banking partners, and enterprise finance platforms.
- Mobile Application / Business Payments App Mobile application for finance teams, approvers, and business users to initiate approvals, make business payments, track invoices, and access PayMate's payment and credit features on the go.
- BBPS-B2B Platform (Bharat Connect) B2B bill payment platform built on India's Bharat Connect (BBPS) rails, enabling standardized electronic B2B bill presentment and payment across participating billers and payers.
Quantifiable outcome
- ₹464,766.45 million TPV processed in nine months ended December 2021
- +4 more outcomes
Companies that use PayMate
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles2 records
PayMate technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability4 records
Feature8 records
PayMate partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered strategic, core and regional.
- SAP TauliastrategicSAP Taulia and PayMate partnered to enhance payment flexibility for businesses across APAC and EMEA regions. Integration of PayMate's B2B payment capabilities with SAP Taulia's supply chain finance solutions.
- Bharat Connect (NPCI Bharat BillPay)coreFollowing RBI's February 2024 ban on card-based business payments, PayMate migrated to Bharat Connect platform operated by NPCI Bharat Billpay to continue serving B2B payment customers.
- MastercardcoreMastercard partnered with PayMate to advance digitization of B2B payments across EEMEA (Europe, Middle East, Africa). Multi-year partnership to leverage PayMate's B2B payment solutions with Mastercard's global payment infrastructure.
- De'XandraregionalPayMate established strategic partnership with De'Xandra to transform B2B payments landscape for SMEs in Malaysia, combining PayMate's payment platform with De'Xandra's local market expertise.
- DigiAsiacorePayMate announced intent to acquire DigiAsia, a Singapore-based fintech operating in Indonesia, valued at US$400 million. The acquisition includes planned investment of up to US$25 million, with regulatory approvals expected within 60 days. Combined entity planned for listing in India.
- NBBL (NPCI Bharat BillPay)corePayMate partnered with NBBL to launch BBPS-B2B platform to transform payments and financing for businesses in Digital India. Platform enables B2B payment digitization under regulatory oversight.
- Merex InvestmentregionalVisa, Merex Investment, and PayMate partnered to facilitate retail B2B rental collections in the Middle East region. Merex Investment provides strategic backing for regional expansion.
- National Bank of Oman (NBO)regionalNational Bank of Oman partnered with PayMate to offer B2B payment solutions to corporates and SMEs in Oman using Visa Business Credit Cards. NBO distributes PayMate's B2B payment solutions to their customer base.
- Sohar InternationalregionalSohar International partnered with PayMate to empower local businesses in Oman with B2B payments solution. Sohar International offers PayMate's solutions to their corporate clients.
- Visa (Mobile Application)corePayMate launched Android and iOS mobile applications enabling vendor payments and GST payments using commercial credit cards with bank-issued VISA commercial card enablement.
- CiticoreCiti partnered with PayMate and Visa to automate payables in the UAE. The partnership enables Citi's corporate clients to streamline supplier payments within the B2B domain using PayMate's payment facilitator model.
Scale indicators10 records
Recent moves10 records
Expansion highlights5 records
PayMate competitors and assessment
Company assessmentDirect peers
- EnKash: India-based B2B payments and corporate card platform offering automated vendor payments, working capital, and payables solutions to SMEs and enterprises — directly comparable to PayMate's full-stack B2B payment automation focus in the Indian market.
- Karbon Card: India-focused B2B corporate card and payments platform serving SMEs and enterprises with vendor payments and expense management — competes head-to-head with PayMate's commercial-card-based B2B payment automation model.
- Bill.com: US-listed B2B payments automation platform offering AP/AR automation, vendor payments, and invoice processing for SMBs and enterprises — directly comparable business model to PayMate's procure-to-pay and invoice discounting offerings.
- Tipalti: Global B2B payables automation platform handling supplier payments, invoice processing, and reconciliation for mid-market and enterprise — closely comparable to PayMate's procure-to-pay and automated reconciliation capabilities.
Broad incumbents
- Razorpay: India's largest fintech offering a broad payments stack including B2B payouts, vendor payments, and payroll — overlaps with PayMate in enterprise B2B payments but is broader in scope (consumer, SMB, lending).
- Cashfree Payments: Indian payments platform offering payouts, vendor payments, and B2B collections APIs — broader payments incumbent with overlapping B2B payables and collections functionality to PayMate.
- HighRadius: Enterprise fintech for autonomous finance including accounts receivable, treasury, and B2B payments — broader platform with overlapping invoice discounting and AR/AP automation comparable to PayMate's invoice discounting marketplace.
- Payoneer: Global cross-border payments platform serving SMBs, marketplaces, and enterprises with multi-currency B2B payouts — comparable to PayMate's international expansion ambitions across CEMEA/APAC.
- Visa B2B Connect: Visa's own B2B payment network for cross-border corporate payments — directly competes with PayMate's network layer and is both a partner and a potential substitute for PayMate's card-based B2B offering.
Emerging players
- Openbravo: Indian B2B payments and working capital platform offering invoice discounting and supply chain finance to SMEs — comparable emerging player in the same invoice discounting and early-payment space that PayMate targets with its IDM offering.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
PayMate social profiles
Digital presencePayMate financial estimates
Financial estimateRevenue estimate
Valuation estimate
PayMate leadership team
Management profileNumber of profiles
Profiles5 records
PayMate subsidiaries and ownership
Company hierarchySubsidiaries4 records
PayMate funding detail
Funding detailFunding overview
Funding rounds5 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PayMate M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PayMate
What does PayMate do?
PayMate is a B2B payments and credit automation platform that helps enterprises and SMEs manage payables, receivables, procurement, and supply-chain finance. Its core offerings include Payments Automation (centralized vendor and buyer payments), Procure-to-Pay, Invoice Discounting (early-payment financing), and a Credit Engine that underwrites transactions. The platform is delivered via web, mobile apps, and APIs, with integrations to banks and ERPs.
Is PayMate a public or private company?
PayMate is a private company. It is classified as venture growth investor backed and is currently operating.
When was PayMate founded?
PayMate was founded in 2014. It employs 51 to 100 people.
Where is PayMate based?
PayMate is headquartered in Mumbai, India, in the Asia region.
How does PayMate make money?
Four revenue lines are on record. Commercial Card Transaction Interchange is the primary driver. The others are invoice Discounting / Early Payment Discounts, bharat Connect Platform Fees and API/Embedded Payments Services.
Who are PayMate's main competitors?
Direct peers on record are EnKash, Karbon Card, Bill.com and Tipalti. Broad incumbents are Razorpay, Cashfree Payments, HighRadius, Payoneer and Visa B2B Connect. Openbravo is listed as an emerging player.
Does PayMate have an API?
Yes. PayMate offers an API-based platform that enables automated B2B payments. The company has highlighted its proprietary API-As-A-Service capabilities at industry events. API-based features include GST payment automation, automated reconciliation through API integrations with ERPs or existing systems, and real-time transaction reporting. The platform supports tokenization of credit cards per RBI guidelines.
What industry is PayMate in?
PayMate's product category is B2B Payments and Supply Chain Finance Software. Its primary akta.pro industry code is FSAGAJAD, Accounts Payable Automation & Supplier Payments, with a secondary code of BPAMAFAF, Bill Pay, Invoicing & Payables Platforms. Its NAICS code is 52232 and its SIC code is 6159.