Mylapay Raises $1 Million to Strengthen Payment Infrastructure

Chennai-based payment infrastructure startup Mylapay has successfully secured $1 million as part of an ongoing funding round, paving the way for its anticipated Series A fundraising efforts. This funding round has seen continued support from CDM Capital and Credit Saison, along with new involvement from GrowthCap Ventures, led by Pratekk Agarwaal, along with various strategic angel investors.

Previous Funding and Future Plans

Before this funding round, the startup had raised $550,000 in seed funding. With the latest injection of capital, Mylapay is gearing up to enhance the adoption of its acquiring platform while moving closer to a comprehensive Series A fundraise expected later this year.

Utilisation of Funds

The funds will be allocated to reinforce Mylapay’s payment infrastructure, broaden its product offerings, enhance integrations with banks and payment aggregators, and facilitate international expansion into markets such as the Middle East, Africa, and the US.

About Mylapay

Founded by Mohanraj Ravi, Mylapay develops backend payment processing systems encompassing 3DS authorisation, switching, clearing and settlement, and reconciliation. The platform has received certification from major card networks like Visa, Mastercard, and RuPay.

Recent Developments

Recently, Mylapay has launched a unified acquiring platform that enables banks and payment institutions to manage card and UPI acquiring via a single integration. This platform is designed to efficiently handle over 5,000 transactions per second, with a strong emphasis on compliance-led and modular payment processing.