Chennai-based fintech startup Mylapay has successfully raised Rs 4.6 crore ($550K) in a seed funding round led by CDM Capital, a prominent venture capital firm. The funding round also witnessed participation from Saison Capital, the venture capital arm of Credit Saison based in Singapore, and 77 Capital, led by Amit Goel. The fresh capital infusion will be utilized to enhance Mylapay’s cloud-based infrastructure and strategically expand the scope of its business operations.
Company Background
Founded in 2019 by Mohanraj Ravi, Santhakumari Dhana Balakrishnan, and Sundar Balasubramanian, Mylapay specializes in empowering payment aggregators and banks worldwide through a suite of payment processing capabilities, facilitated by a simplified API connection.
Mylapay has demonstrated notable progress over the past three years, achieving a 70% growth in the fiscal year 2023. The company has maintained a positive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) performance for two consecutive years. The startup’s expansion strategy includes securing key partnerships with various payment aggregators and gateways, marking its entry into the international market with a client in the United Arab Emirates (UAE).
Use of Proceeds
The funds raised in the seed round will be directed towards enhancing Mylapay’s cloud-based infrastructure, ensuring scalability and efficiency. Additionally, the startup aims to strategically expand its business operations to further establish its presence in the fintech ecosystem.
Mylapay recently achieved a significant milestone by obtaining approval from EMVCo for its EMV 3-D secure server product named ‘Mylapay Secure.’ This recognition underlines the company’s commitment to meeting international standards and contributing to the secure and seamless functioning of payment transactions.
Investor Involvement
The seed funding round was led by CDM Capital, indicating strong support from the venture capital firm. The participation of Saison Capital and 77 Capital adds further credibility to Mylapay’s growth potential and innovative offerings in the fintech space.
Mylapay’s successful seed funding round is a testament to the fintech startup’s strategic vision and demonstrated growth in the competitive industry. With a focus on enhancing infrastructure and expanding operations, Mylapay aims to further solidify its position as a key player in the global payment processing landscape. The approval from EMVCo and international partnerships signal the startup’s commitment to providing secure and efficient solutions, setting the stage for continued success and innovation in the fintech sector.