Mylapay Raises $1Million to Expand Payment Platform
- Chennai-based Mylapay secures $1 million in funding.
- Funds will strengthen payment infrastructure and fuel international growth.
- Startup offers unified acquiring platform for banks and payment institutions.
Chennai-based payment infrastructure startup Mylapay has raised $1 million as part of an ongoing funding round ahead of its planned Series A. The round saw continued support from CDM Capital and Credit Saison, along with new backing from GrowthCap Ventures, led by Pratekk Agarwaal, and a group of strategic angel investors.
Before this, Mylapay had raised $550,000 in seed funding. The latest investment will help the startup scale adoption of its acquiring platform, strengthen its core payment systems, expand its product offerings, and deepen integrations with banks and payment aggregators. The company also plans to explore international markets in the Middle East, Africa, and the US.
Founded by Mohanraj Ravi, Mylapay builds backend payment processing solutions covering 3DS authorization, switching, clearing and settlement, and reconciliation. Its platform is certified by major card networks, including Visa, Mastercard, and RuPay.
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Mylapay recently launched a unified acquiring platform that allows banks and payment institutions to manage card and UPI transactions through a single integration. The platform can handle more than 5,000 transactions per second and focuses on modular, compliance-led payment processing, making it easier for financial institutions to streamline operations.
With this funding, Mylapay aims to strengthen its technology, expand its reach, and support seamless payment experiences for banks and merchants globally.
