Zaitech Technology's Acquisition by PayMate to Boost the SME Scenario
Thursday, 17 May 2018, 19:03 IST
PayMate, an Indian payments industry and a leader in electronic Business-to-Business (B2B) payments space announces the acquisition of Z2P (Zaitech Technology), a digital lending platform which provides hassle-free and real-time credit using social and banking data along with the proprietary analytics and AI.
Ajay Adiseshann, Founder & CEO, PayMate, says, “We are singularly focused on helping our business customers improve their payment operations and saving money. With the Z2P acquisition we can now help our business customers get easier and faster access to credit. We will leverage Z2P and PayMate’s technology and analytics to speed up the credit application and the credit decision making processes for SMEs and provide supply chain financing solutions to our large corporate client”.”.
With this acquisition, PayMate attains an innovative and proven lending solution in Z2P, which when combines with PayMate’s B2B payments platform will change the way business is done, like payment operations, cash flow, access to growth capital. The acquisition will be completed by May 2018 and it is followed by the announcement which happened in February of this year when PayMate agrees partnership with Visa. As per a recent study by KPMG, there are over 51 million SME and MSMEs in India and the greatest barrier to their growth today is the lack of credit. The credit gap rose at an estimated figure of $ 300 billion and PayMate will reduce the credit gap by enabling credit and helping unleash SME growth.
Rajat Yadav, Founder, Z2P Technologies, says, “Technology and data driven actionable intelligence for lending, along with machine learning, is what Z2P has built over the past few years. We look forward to joining the PayMate team to enhance the quality and flow of credit to SMEs in India”.
Founded in 2006, PayMate provides secure, internet- based payment services in 57 countries around the world. PayMate has over 20000 registered businesses on its platform and with its efficient way for businesses to automate accounts payables and receivables PayMate leads in its way of providing simple, safe methods through cloud that can be accessed from both desktops and mobile applications.
Bhopal-based Z2P Technologies has been founded and led by IIT Madras alumnus and with its leveraging technology and data to make low-risk, real-time lending decisions it has been innovating Indian credit market.
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