In recent times, the financial technology (FinTech) sector has been a hotbed of innovation and growth. One such innovative player, Mylapay, an emerging FinTech startup in India, has made significant strides in revolutionizing payment processing. Let’s delve into the journey, achievements, and future aspirations of Mylapay, a startup that’s reshaping the payment landscape.
The Genesis and Growth of Mylapay
Founding Vision and Team
Mylapay was founded in 2019 by a trio of industry veterans – Mohanraj Ravi (CEO), Santhanakumar Dhanabalakrishnan (CTO), and Sundar Balasubramanian (CFO). The startup was born out of a need to address critical challenges in the payment industry, including high transaction failure rates and the complexities of payment operations.
Strides in the FinTech Landscape
Mylapay’s journey has been marked by impressive growth, with a 70% increase in FY 2023 and a sustained positive performance in EBIDTA for two consecutive years. The company has carved out a niche by empowering payment aggregators and banks globally with a comprehensive suite of payment processing capabilities, facilitated by a simplified API connection.
A Significant Leap: Seed Funding Round
Raising Capital
In a momentous event, Mylapay successfully secured INR 4.6 crore ($550K) in a seed funding round. The round was led by venture capital firm CDM Capital and witnessed participation from Singapore-based Saison Capital and 77 Capital.
Plans for the Fund
The raised capital is earmarked for enhancing Mylapay’s cloud-based infrastructure to advanced security standards and strategically expanding its business operations. This step is crucial for the company to keep pace with the evolving demands of the digital payment ecosystem.
Mylapay’s Technological Innovations
Mylapay Secure
A notable achievement for Mylapay is the development and approval of its EMV 3-D Secure Server Product, ‘Mylapay Secure’. This product features the latest version 2.3.1 for global online payment authentication, signifying Mylapay’s commitment to security and innovation.
The Road Ahead
Global Expansion and Market Impact
With a vision to become a global player, Mylapay has already taken its first steps into the international market with a UAE-based client. The company aims to achieve a $25M Annual Recurring Revenue (ARR) in the next three years and expand its footprint globally.
Redefining Payment Processing
Mylapay’s long-term goal is to evolve its product platform into an all-encompassing cloud-based tech ecosystem. This ambition will empower Payment Aggregators and Banks across the globe with advanced payment processing capabilities.
Conclusion
Mylapay’s journey is a testament to the transformative power of FinTech innovation. With a solid foundation, strategic funding, and a clear vision for the future, Mylapay is well-positioned to redefine the payment processing landscape, both in India and globally.
