PayMate, an early pioneer in India’s payments industry ,announced the acquisition of Z2P (Zaitech Technology Pvt. Ltd.), a digital lending platform which provides hassle-free and real-time credit using social and banking data along with proprietary analytics and AI. The acquisition is expected to be completed by May 2018 and it follows the announcement in February of this year by PayMate of its B2B partnership agreement with Visa.
As a result of the acquisition, PayMate acquires an innovative and proven lending solution in Z2P, which when combined with PayMate’s proprietary B2B payments platform will revolutionize the way businesses manage their payment operations, cashflow, and access to growth capital. PayMate plans to partner with banks and NBFCs to improve the flow of credit to SMEs.
According to a recent study by KPMG, there are over 51 million SME and MSMEs in India. These SMEs are the key drivers of future economic growth. However, the greatest impediment to their growth today is the lack of credit. This credit gap is conservatively estimated at $300 billion. PayMate aims to chip away at this credit gap by enabling credit and helping unleash SME growth.