In a significant milestone for the burgeoning fintech landscape, Mylapay, the Chennai-based payment processing powerhouse, has successfully raised INR 4.6 crore ($550K) in a seed funding round led by CDM Capital, a prominent venture capital firm. The investment also witnessed enthusiastic participation from Saison Capital, the venture capital arm of Singapore-based Credit Saison, and 77 Capital, spearheaded by Amit Goel.
The freshly injected capital is earmarked for reinforcing Mylapay’s cloud-based infrastructure, marking a strategic move to expand the horizons of its business operations. The funding round is poised to propel the fintech startup into an era of unprecedented growth and innovation.
Established in 2019 by the visionary trio of Mohanraj Ravi, Santhakumari Dhana Balakrishnan, and Sundar Balasubramanian, Mylapay has emerged as a trailblazer in empowering payment aggregators and banks globally through its suite of advanced payment processing capabilities, seamlessly facilitated by a simplified API connection.
Mylapay’s success story is underlined by impressive metrics, boasting a remarkable 70% growth in the fiscal year 2023 and maintaining a sustained positive performance in EBIDTA for two consecutive years. The firm has strategically expanded its footprint by forging key partnerships with numerous payment aggregators and gateways, and it has taken its inaugural steps into the international market by securing a prominent client in the United Arab Emirates.
In a recent triumph, Mylapay obtained the coveted approval from EMVCo for its cutting-edge EMV 3-D secure server product, aptly named ‘Mylapay Secure.’ This achievement underscores the company’s commitment to security and positions it as a frontrunner in delivering innovative solutions to the dynamic fintech landscape.
As Mylapay embarks on this exciting journey with the backing of CDM Capital, Saison Capital, and 77 Capital, the fintech startup is poised to revolutionize the payment processing arena, setting the stage for a new era of global financial technology.
