Fintech startup Mylapay raised Rs 4.6 Cr Seed funding from VC firm CDM Capital

Venture capital firm CDM Capital led a seed round that saw fintech startup Mylapay raise Rs 4.6 crore ($550K). Amit Goel-led 77 Capital and Singapore-based Saison Capital, Credit Saison’s venture capital division, also participated in the round.

It plans to strategically broaden the scope of its business operations and improve its cloud-based infrastructure with the proceeds.

Mylapay is a global payment processing platform that provides banks and payment aggregators with a range of features through an easy-to-use API connection. It was founded in 2019 by Mohanraj Ravi, Santhakumari Dhana Balakrishnan, and Sundar Balasubramanian.

With a 70% growth in FY 2023 and a consistent EBIDTA positive performance for two years in a row, Mylapay asserts that it has made progress over the last three years. Through important alliances with numerous payment aggregators and gateways, the company has increased its reach. With a client based in the United Arab Emirates, it has also made its initial foray into the global market.

The Chennai-based startup, called Mylapay Secure, recently received approval from EMVCo for its EMV 3-D secure server product.