Mylapay, a PayTech company based in India, recently announced a successful seed funding round.
In this recent financial milestone, Mylapay secured INR 4.6 crore ($550K), according to a report from IBS Intelligence. The seed round was led by CDM Capital and also saw contributions from Saison Capital and 77 Capital.
Established in 2019, Mylapay is tackling high transaction failure rates and the complexities of payment operations. Mylapay’s cloud-based platform stands at the forefront of these innovations, offering streamlined, reliable payment solutions.
With the newly raised funds, Mylapay plans to upgrade its cloud infrastructure to meet advanced security standards. Additionally, the company aims to broaden its operational scope, strategically enhancing its business reach.
Mylapay has shown impressive growth over the past three years. It has forged key partnerships with major payment aggregators and gateways in India and has ventured into the international market, starting with a client in the UAE. The global market for card payment processing, valued at $410bn, presents a lucrative opportunity for Mylapay. The company has set a strategic target to achieve a $25m Annual Recurring Revenue (ARR) within the next three years and expand its international presence.
Mylapay’s Co-founder and CEO, Mohanraj Ravi, commented on the company’s vision and the recent funding. “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.
“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.”
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