Comments
PayMate, a B2B digital payments firm focussed on small and medium businesses (SMBs), plans to take its invoice discounting platform live by March, according to Ajay Adiseshann, founder and CEO.
The Visa-backed fintech expects invoice discounting to make a double-digit contribution to the bottomline by the end of March 2021, Adiseshann told BusinessLine. PayMate is already on a proof of concept with a large customer for the feature, he added.
PayMate develops and provides cloud-based solutions for SMEs to help them manage invoices and payments from vendors and customers. It also works with banks and institutional partners to provide credit options to SMBs.
“While we expect payments processing (procure-to-pay solution) to drive our topline, the credit and invoice discounting will drive the bottomline,” Adiseshann said.
UAE foray
PayMate will next month formally launch operations in the UAE, to be followed by Saudi Arabia. “I am sure we will be live in Saudi Arabia in 2020 and there is an outside chance in one more country; it could be Oman,” said Adiseshann.
The company will seek to initially extend its procure-to-pay offering across Gulf Cooperation Council (GCC) countries, he added.
For 2020, PayMate, which claims to be a leader in the B2B payment flows (supply chain payments) segment, aims is to ensure that all other businesses — such as credit and invoice discounting — are “firing on all cylinders”, he further said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.