Muthoot Pappachan Group (MPG) has announced investment in fintech start-up Paymatrix through its flagship entity - Muthoot FinCorp Limited, and the associate company, The Thinking Machine Media Private Limited (TMM).
MPG acquired 54 per cent equity shareholding in Paymatrix through a combination of primary and secondary investment.
Paymatrix is a fintech start-up that was set up in 2016 by Mukesh Chandra Anchuri, Muralidhar Nayak Guguloth and Anusha KP, with a vision to streamline property rent payments and collections for tenants and landlords. It was incubated at IIIT-Hyderabad and Paypal accelerator had secured early-stage investments from investors including Xseed venture partners, IIIT-H seed fund, IIIT-H foundation, SucSEED Angel Network and Smartcity Dubai.
Paymatrix started off with a simple proposition of enabling individuals to pay their property rent, rent deposit and maintenance payments online using credit cards. The start-up is one of the largest property rent payment and collection platforms in India, with a user base of 82,000+ and having processed ₹200 crore till date. In the last two years, Paymatrix diversified its portfolio by enabling payments beyond property rent to its customers.
The platform now enables individuals to pay for all their large-ticket monthly expenses, such as tuition fees, maintenance bills, vendor payments, etc, on credit card without the need for point-of-sale at the recipient end.
Thomas John Muthoot, Chairman, Muthoot Pappachan Group, and Managing Director, Muthoot Fincorp Limited, said, “Muthoot FinCorp is currently going through several digital transformations on various fronts. We are extremely pleased to partner with Paymatrix and firmly believe that this investment will extend to our existing lending business a competitive edge in terms of expanding the product offering and foray into new markets and new customer segment.”