Funding Alert

Mylapay Secures INR 4.6 Crore in Seed Funding to Fuel Global Expansion

• ByStartupStory     |    January 10, 2024

Mylapay, an emerging fintech startup specializing in payment enablement, has successfully secured INR 4.6 crore ($550K) in a seed funding round led by venture capital firm CDM Capital. The funding round also saw participation from Singapore-based Saison Capital and 77 Capital, positioning Mylapay for substantial growth in the competitive fintech landscape.

Founded in 2019 by industry veterans Mohanraj Ravi (CEO), Santhanakumar Dhanabalakrishnan (CTO), and Sundar Balasubramanian (CFO), Mylapay addresses critical challenges in the payment industry, including high transaction failure rates and complexities in payment operations. The company’s unified cloud-based platform, Mylapay, aims to revolutionize payment processing by providing seamless and secure solutions.

Mylapay plans to utilize the recently raised funds to elevate its cloud-based infrastructure to advanced security standards and strategically expand its business operations. The company has shown remarkable progress over the past three years, boasting a 70% growth in FY 2023 and maintaining a sustained positive performance in earnings before interest, taxes, depreciation, and amortization (EBIDTA) for two consecutive years.

The fintech startup has forged key partnerships with major payment aggregators and gateways in India and has ventured into the international market with a client in the UAE. With the global card payment processing market valued at $410 billion, Mylapay aims to achieve a $25M Annual Recurring Revenue (ARR) in the next three years and expand its footprint globally.

Mylapay recently received approval from EMVCo for its EMV 3-D Secure Server Product, ‘Mylapay Secure,’ featuring the latest version 2.3.1, for global online payment authentication.

Mohanraj Ravi, Co-founder, and CEO of Mylapay, expressed enthusiasm about the support from prominent investors, stating, “We are delighted to have the backing of the prominent investors who come with industry expertise, infusing both capital and confidence into our ambitious mission to redefine the payment processing.”

Davesh Manocha, Founder, and Managing Partner of CDM Capital, added, “The traditional payment processing systems are undergoing significant changes to adapt to the evolving ecosystem. The Mylapay platform is playing a key role in this transition, with several major payment players already partnering with them.”

Mylapay aims to evolve its product platform into an all-encompassing cloud-based tech ecosystem, empowering payment aggregators and banks globally with a comprehensive suite of payment processing capabilities facilitated by a simplified API connection.

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