Fintech Startup “Mylapay” Secures INR 4.6 Crore in Seed Funding Led by CDM Capital to Expand its Product Platform.
Mylapay, an emerging fintech startup in the payment industry, has announced that it has raised INR 4.6 crore ($550K) in a seed round led by venture capital firm CDM Capital. The round also witnessed participation from Singapore based Saison Capital (Credit Saison’s Venture Capital arm) and 77 Capital (Lead by Fitech Veteran Amit Goel) to propel Mylapay to new heights.
Founded in 2019 by industry veterans Mohanraj Ravi (CEO), Santhanakumar Dhanabalakrishnan (CTO), and Sundar Balasubramanian (CFO) — Mylapay is addressing the critical challenges in the acquiring payment industry, such as high transaction failure rates and the intricacies of complex payment operations. The company’s unified cloud-based platform, Mylapay, is at the forefront of these solutions.
Mylapay intends to use the recently raised funds to enhance its cloud-based infrastructure by elevating it to an advanced security standard and strategically expanding the scope of its business operations.
Mylapay has shown remarkable progress over the past three years, with an impressive 70% growth in FY 2023, and a sustained EBIDTA positive performance for two years running. The company has expanded its reach by securing key partnerships with many of India’s largest payment aggregators and gateways and has taken its first steps into the international market with a UAE-based client. With the global market for card payment processing valued at $410 billion, Mylapay has set a strategic goal to achieve a $25M ARR in the next three years and expand internationally.
The company has recently obtained approval from EMVCo for its EMV 3-D Secure Server Product, called ‘Mylapay Secure’. featuring the latest version 2.3.1, for global online payment authentication.
The founding vision of Mylapay is to evolve its product platform into an all-encompassing cloud-based tech ecosystem, empowering Payment Aggregators and Banks across the globe with a comprehensive suite of payment processing capabilities, facilitated by a simplified API connection. Despite the entrenched legacy systems, Mylapay’s superior product capabilities and the core team’s extensive domain expertise is expected to foster market trust and enable the company to supplant outdated processing system said Mohanraj Ravi Cofounder and CEO of Mylapay.
He added: “We are delighted to have the backing of the prominent investors who comes with industry expertise, infusing both capital and confidence into our ambitious mission to redefine the payment processing.”
Davesh Manocha Founder and Managing Partner 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. CDM Capital is excited to collaborate with the experienced team at Mylapay as they continue to enhance their platform to deliver significant value to their customers.”
About Mylapay Fintech: Mylapay, the flagship brand of ‘Mindeed Technologies and Services Pvt Ltd,’ is a Chennai-based fintech startup specializing in payment enablement. With over 50 years of combined experience of co-founders from payment sector, we provide deep domain expertise and rapid market deployment while upholding the scalability, security, and reliability at the core of our offerings. Mylapay aims to revolutionize the payment processing experience with our cutting-edge, cloud-based solutions. Mylapay is specifically designed to optimize the entire card payment processing cycle, empowering payment acquirers around the globe to ensure a seamless transaction process through an easily integrated API connection.
About CDM Capital: CDM Capital is Mumbai based early stage fund focused on startups in the fintech, health-tech and SaaS sectors. The firm, led by Davesh Manocha, has prior experience of investing in 10s of companies ranging from seed to pre-IPO. The firm looks to partner with dynamic entrepreneurs building disruptive businesses in its core focus areas.
