Business

PayMate to foray into Saudi Arabia, Oman, starts invoice discounting

PayMate, a business-to-business payment fintech firm, has announced the expansion of its services to Saudi Arabia and Oman after entering the UAE market recently.

“Our first customer went live recently in the UAE. We have a strong pipeline of customers there. And we are also expanding to new countries like Saudi Arabia and Oman thereafter,” said Ajay Adiseshann, founder and CEO, PayMate said.

“Visa is a very close partner of ours because they have the incentive of moving more and more B2B payments onto commercial cards,” he added.

Similar to India, the firm is engaging with the local firms across various industries and helping them make their supply payments or receive payments from their distributors and resellers.

“It is exactly the same model, the same use-case, same problem statement which we address here in India,” he added.

The firm is also looking at the entire CEMEA (Central Europe Middle East and Africa), region to expand but within that it is starting with the MENA (Middle East and North Africa) region and most specifically in GCC (Gulf Cooperation Council), countries, he said.

In the first year of operation, it is aiming that 10 to 15% overall volumes should come from the Middle East market.

He said from technology standpoint, everything will be delivered from India.

“But depending on each country's regulations, we will create a separate entities because data localisation is mandatory in many of those countries,” he added.

“We are delivering everything from India, via the cloud. But from a sales development, business standpoint, we have our local employees in those countries,” he added.

The firm is also foraying into invoice discounting to support its customers.

It has about 200 large and medium customers giving it an universe of about 80,000 small businesses on its platform, either supplier, vendors and resellers providing an opportunity to look at invoice discounting.

“So, we have now also introduced our invoice discounting platform, which is all part of the existing product stack,” he added.


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Printable version | Jul 31, 2021 10:58:54 PM | https://www.thehindu.com/business/paymate-to-foray-into-saudi-arabia-oman-starts-invoice-discounting/article34917954.ece

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