PayMate, a Mumbai-based business-to-business (B2B) payments company has announced the acquisition of micro-lending institution Zaitech Technology (Z2P Technologies) with the aim of speeding up credit applications and the credit decision-making processes for small-medium enterprises (SMEs).
With the acquisition, the company further plans to partner with banks and NBFCs to improve the flow of credit to SMEs. This is a follow-up of the announcement of a B2B partnership agreement with Visa in February of this year by PayMate.
Commenting on this, Ajay Adiseshann, founder and CEO of PayMate, said, “We will leverage Z2P and PayMate’s technology and analytics to speed up the credit application and the credit decision-making processes for SMEs and provide supply chain financing solutions to our large corporate clients.”
Z2P Technologies was founded in the year 2016 by Ajay, an IIT Madras alumnus. It provides easy micro-loans and enables better financial decisions for lenders by leveraging technology and data to make low-risk, real-time lending decisions.
On the other hand, PayMate is a provider of digital payment solutions based in Mumbai. Its banking partners include the State Bank of India, HDFC Bank, Axis Bank, Corporation Bank, Kotak Bank, Syndicate Bank, South Indian Bank, Dena Bank, and ABN Amro ABN Amro.
The company raised funding in the year 2006 by Silicon Valley-based venture capital companies Kleiner Perkins Caufield & Byers (KPCB) and Sherpalo Ventures along with Mayfield Fund and Lightbox Ventures.