PayMate, a start-up functioning in the business-to-business (B2B) payments space, has acquired digital lending platform Zaitech Technology, signalling its interest in the fintech sector.
“Technology and data-driven actionable insights for lending, along with machine learning, is what Z2P has built over the past few years,” said Rajat Yadav, Founder, Z2P Technologies.
PayMate is one of the leading brands handling the industry as a host of new start-ups associating with traditional financial institutions such as banks.
The brand claims it holds 20,000 registered businesses on its platform and this investment in the form of an acquisition will enable them in reinventing its payment operations, cash-flow and access to growth capital.
With the acquisition, PayMate gets a payment gateway that will ensure better visibility of cash flow via the supply chain and on-time payment to SMEs by large enterprises. The firm is also planning to join hands with banks and NBFCs.
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