Mylapay, a burgeoning fintech startup specializing in payment facilitation, has secured Rs 4.6 crore ($550K) in seed funding through a round led by CDM Capital, a venture capital firm. This funding initiative also involved contributions from Saison Capital in Singapore and 77 Capital, setting the stage for substantial growth within the competitive fintech sector. Established in 2019 by industry veterans Mohanraj Ravi (CEO), Santhanakumar Dhanabalakrishnan (CTO), and Sundar Balasubramanian (CFO), Mylapay addresses pivotal issues encountered in payment systems, such as high transaction failure rates and intricacies in payment operations. The company’s unified cloud-based platform, Mylapay, seeks to transform payment processing by offering seamless and secure solutions.

Mylapay intends to utilize the newly acquired funds to enhance its cloud-based infrastructure with heightened security measures and to strategically broaden its business reach. Demonstrating remarkable progress in the past three years, the company witnessed a 70% growth in FY 2023 and has sustained positive performance in earnings before interest, taxes, depreciation, and amortization (EBIDTA) for consecutive years.

The fintech startup has established significant partnerships with major payment aggregators and gateways in India, expanding its services internationally by securing a client in the UAE. Eyeing the $410 billion global card payment processing market, Mylapay targets achieving a $25M Annual Recurring Revenue (ARR) in the upcoming three years, aiming for a wider global presence. Additionally, the company has recently obtained approval from EMVCo for its ‘Mylapay Secure,’ an EMV 3-D Secure Server Product, featuring the latest version 2.3.1, enhancing global online payment authentication.