Funding · Financial Services
Mylapay raises $1 million in ongoing round
By Startup Enthusiast ·
- Date
- Company
- Mylapay
- What it does
- Payment processing infrastructure for banks
- Kind
- Funding
- Amount
- $1 million
- Stage
- Seed extension
- Based in
- Chennai
- Sector
- Financial Services
What they do
Mylapay provides end-to-end processing for card and UPI payment rails
What happened
It raised $1 million from existing and new investors ahead of a Series A
Why it matters
Funds will expand products and support growth in MEA and US markets
The details
- Mylapay raised $1 million in an ongoing funding round.
- The round is ahead of its planned Series A.
- Existing investors CDM Capital and Credit Saison participated.
- New investor GrowthCap Ventures, led by Pratekk Agarwaal, joined.
- Strategic angel investors also participated in the round.
- Funds will strengthen core payment infrastructure and expand product offerings.
- The company will deepen bank and aggregator partnerships.
- Growth will target MEA and US markets.
The bigger picture
- Mylapay recently launched a unified acquiring platform for banks and payment aggregators.
- The platform is certified by Visa, Mastercard, and RuPay.
- It can process over 5,000 transactions per second.
- The company aims to modernize global payment processing with product-led acquiring infrastructure.
About the business
- Mylapay offers end-to-end processing for card and UPI payment rails.
- Its backend stack includes 3DS authorization, switching, clearing and settlement, reconciliation, and chargeback management.
- The platform is certified by Visa, Mastercard, and RuPay.
- It recently launched a unified acquiring platform for banks and payment aggregators.
- The platform can process over 5,000 transactions per second.
- Mylapay operates from Chennai, India.
What happens next
- Strengthen core payment infrastructure.
- Expand product offerings.
- Deepen bank and aggregator partnerships.
- Support growth in MEA and US markets.
The deal
- Type
- Seed extension
Investors
- CDM Capital (existing) — Managing Partner Davesh Manocha expressed support for Mylapay's compliance-first approach.
- Credit Saison (existing)
- GrowthCap Ventures (lead) — Led by Founder and General Partner Pratekk Agarwaal, who commented on the investment.
Founders
- Mohanraj Ravi, Founder and CEO
About Mylapay
- Product
- End-to-end payment backend stack covering 3DS authorisation, switching, clearing, settlement, and chargeback reconciliation
- Customers
- Banks and payment aggregators
- How it makes money
- Technology licensing and processing fees per transaction
- What sets it apart
- Unified acquiring platform certified by major networks like Visa, Mastercard, and RuPay capable of handling over 5,000 TPS
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