PayMate: A Cloud-Based Solution For Payments, Lending

Benzinga is highlighting nominees for the fifth annual Benzinga Global Fintech Awards ahead of the event Nov. 19 in New York City.

One nominee is PayMate, a B2B digital payments solution.

Background

PayMate is a holistic solution that helps small- and medium-sized enterprises with business payments.

The firm’s platform enables increased control and transparency over cash flow management and reconciliation.

Recent Developments

Visa Inc V recently selected PayMate's cloud-based platform to help transform its corporate financial supply chain.

“We are extremely pleased to partner with a global leader in the financial market, and this partnership is a testimony to our strong product offering and potential to help businesses of all sizes unlock hidden value through seamless automation and transformation of their financial supply chain,” Ajay Adiseshann, PayMate founder and CEO, said in a statement. 

The development will increase access to instant credit while improving on vendor and customer payments management, invoicing and cash flow, according to the company. 

Growth Prospects

PayMate is expanding on its original offering after additional investments from Visa, beginning with Dubai and with plans to add the Gulf Cooperation Council region and other areas of Central Europe, the Middle East and Africa.

The firm used recent funding and support to improve on existing technologies.

Last year, PayMate acquired Z2P, a digital lending platform that leverages AI to generate credit decisions on social and banking data.

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