By Gloria Methri
- Card Payments
- CDM Capital
- Fintech funding news
Mylapay, an emerging payments FinTech in India, has raised INR 4.6 crore ($550K) in a seed round led by venture capital firm CDM Capital. The round also witnessed participation from Singapore-based Saison Capital (the Venture Capital arm of Credit Saison) and 77 Capital (led by FinTech veteran Amit Goel).
Founded in 2019, Mylapay addresses challenges in the acquiring payment industry, such as high transaction failure rates and the intricacies of complex payment operations. The company’s unified cloud-based platform is at the forefront of these solutions.
Mylapay intends to use the raised funds to enhance its cloud-based infrastructure by elevating it to an advanced security standard and strategically expanding the scope of its business operations.
Over the past three years, Mylapay has expanded its reach by securing key partnerships with India’s large payment aggregators and gateways and has taken its first steps into the international market with a UAE-based client. With the global market for card payment processing valued at $410 billion, Mylapay has set a strategic goal to achieve a $25 million ARR in the next three years and expand internationally.
The company has recently obtained approval from EMVCo for its EMV 3-D Secure Server Product, called ‘Mylapay Secure’, which features the latest version for global online payment authentication.
“The founding vision of Mylapay is to evolve its product platform into an all-encompassing cloud-based tech ecosystem, empowering Payment Aggregators and Banks across the globe with a comprehensive suite of payment processing capabilities, facilitated by a simplified API connection,” said Mohanraj Ravi Cofounder and CEO of Mylapay. He added, “We are delighted to have the backing of the prominent investors who come with industry expertise, infusing both capital and confidence into our ambitious mission to redefine payment processing.”
Davesh Manocha Founder and Managing Partner of CDM Capital added, “The traditional payment processing systems are undergoing significant changes to adapt to the evolving ecosystem. The Mylapay platform is playing a key role in this transition, with several major payment players already partnering with them. CDM Capital is excited to collaborate with the experienced team at Mylapay as they continue to enhance their platform to deliver significant value to their customers.”
IBSi Daily News Analysis
January 09, 2024
Cybersecurity predictions for 2024 put generative AI at the forefront
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage