Fintech firm Mylapay said it has raised Rs 4.6 crore in a seed funding round led by venture capital firm CDM Capital. Singapore-based Saison Capital, the venture arm of Credit Saison, and 77 Capital, led by fintech veteran Amit Goel.
Mylapay addresses challenges in the payment industry, such as high transaction failure rates and the intricacies of complex payment operations through the company’s unified cloud-based platform.
Founded in 2019 by Mohanraj Ravi, Santhanakumar Dhanabalakrishnan, and Sundar Balasubramanian, the company intends to use the funds to enhance its cloud-based infrastructure by elevating it to an advanced security standard and strategically expanding the scope of its business operations.
“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. Despite the entrenched legacy systems, Mylapay’s superior product capabilities and the core team’s extensive domain expertise is expected to foster market trust and enable the company to supplant outdated processing systems,” Ravi, chief executive of Mylapay, said.
The company grew 70% in FY23, and Ebidta positive for the past two years. The fintech firm has expanded its reach by securing partnerships with major payment aggregators and gateways, and entered the international market with a UAE-based client. With the global market for card payment processing valued at $410 billion, Mylapay has a strategic goal to achieve a $25 million ARR in the next three years and expand internationally.
Davesh Manocha, founder and managing partner, CDM Capital said, “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.”
