In a seed round headed by venture capital company CDM Capital, fintech startup Mylapay secured Rs 4.6 crore ($550K). 77 Capital and Saison Capital, based in Singapore, also participated in the round.
With the funding it just raised, Mylapay intends to grow its commercial activities strategically and upgrade its cloud-based servers to meet cutting-edge security requirements.
Mylapay provides cloud-based solutions that give banks and payment aggregators worldwide full payment processing capabilities.
Mylapay wants to build a cloud-based tech infrastructure that gives payment aggregators and banks worldwide a complete range of payment-handling capabilities via a simple API connection.
Mylapay asserts that it has made growth over the last three years, including a 70% growth in FY 2023 and two years of consistent positive EBIDTA performance. With the help of several important alliances with payment aggregators and gateways, the company has increased its market share.
Mylapay, which was founded in 2019 by Mohanraj Ravi, Santhakumari Dhana Balakrishnan, and Sundar Balasubramanian, provides banks and payment service providers with a range of settlement capabilities through an easier-to-use API connection.