PayMate pulls plug on West Asia operations

The Visa-backed B2B payments firm is scrambling to raise more funds

- Mansi Verma & Anshika Kayastha

Cash-strapped PayMate has shut its West Asia operations and is scrambling to raise a fresh $20 million after a key investor failed to wire funds for over nine months, the company’s top executive confirmed to Mint.

The development marks a sharp turn for the Visa-backed B2B payments firm. Earlier this year, the company told Mint it was “actively expanding” across international markets. Instead, it is now dealing with unpaid salaries stretching up to nine months, senior exits and a stalled acquisition that was central to its growth ambitions.

This comes on the back of a long-delayed investment. London and West Asia-focused Crimson Ventures, which had signed a definitive agreement with PayMate in March, is yet to transfer funds due to “internal issues at their end”, said founder and CEO Ajay Adiseshann.