RIYADH: Indian financial technology (fintech) provider PayMate is planning to expand into Saudi Arabia and Oman after having recently launched into the region in the UAE.
Mumbai-based PayMate, which helps companies manage their cash flow and invoice payments, is aiming that up to 15 percent of its total revenue will come from the Middle East market within the next year.
“Our first customer went live recently in the UAE. We have a strong pipeline of customers there. And we are also expanding to new countries like Saudi Arabia and Oman thereafter,” founder and CEO Ajay Adiseshann was quoted as saying by The Hindu newspaper this week.
“It is exactly the same model, the same use-case, same problem statement which we address here in India. We are delivering everything from India, via the cloud. But from a sales development, business standpoint, we have our local employees in those countries.”
The company is aiming to double the global volume of transactions it processes to nearly $6 billion by March 2022.
Chief Financial Officer Ravi Vishvanathan told the Economic Times that PayMate currently has 200 companies using its platform and is aiming to boost this to around 400 by March 2022.