B2B payments start-up PayMate acquires Zaitech
PayMate, a start-up in the business-to-business (B2B) payments space, has acquired Zaitech Technology, a digital lending platform, signaling its continued interest in the fintech sector.
Rajat Yadav, Founder, Z2P Technologies, said: “Technology and data-driven actionable insights for lending, along with machine learning, is what Z2P has built over the past few years.”
The data is gathered using proprietary analytics and AI technologies.
PayMate, which is backed by Lightbox Ventures, Mayfield Fund, among others, is riding the alternative lending wave sweeping the industry as a host of new start-ups are tying up with traditional financial institutions such as banks.
PayMate claims it has 20,000 registered businesses on its platform and this acquisition will help it reinvent its payment operations, cash-flow and access to growth capital.
As part of the acquisition, it gets a payment gateway, which can ensure visibility of cash-flow through the supply chain and on-time payment to SMEs by large enterprises. The firm also plans to partner with banks and NBFCs.
The emerging fintech sector has the blessings of the government and regulators. Recently, the GST Council announced its decision to offer 2 percent GST concession on digital payments. According to Abhishek Jain, Tax Partner, EY India, the move will help widen the tax base.
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