Lightbox portfolio company PayMate, which enables businesses to make simpler and faster payments using technology, recently entered into a long-term partnership with Mastercard to cater to enterprises in Eastern Europe, Middle East and Africa (EEMEA). The partnership, the companies said in a press release, will allow enterprises in these markets to "address challenges that businesses across the EEMEA markets face such as limited visibility, manual invoice processes, and restricted payment options that create tight liquidity and operational inefficiencies."

“At Mastercard, we are committed to empowering businesses of all sizes to reap the full benefits of the digital economy. We are confident that our new long-term partnership with PayMate will mark a significant step in simplifying payables and receivables processes for businesses of all sizes," Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard, said in the release.

Paymate founder, MD and CEO Ajay Adiseshann said, “We are delighted to partner with Mastercard across EEMEA region for B2B payables and receivables to meet the growing demand for automation and digitization in the procurement-to-payment cycle. By leveraging Mastercard’s strong network and PayMate’s comprehensive payments platform, we will enable buyers to pay earlier and sellers to receive payments faster across small, medium and large businesses, thereby accelerating the B2B payment ecosystem.” 

The PayMate platform will enable businesses in the specified markets to underake transactions ranging from utility payments, collections and payments to suppliers - including those that do not accept cards - while benefiting from up to 55 days of interest-free credit, the release said.

PayMate offers a business payments platform that provides businesses with solutions, ranging from Accounts Payable, Accounts Receivable, Invoice Discounting, Cross-Border Payments, Tax, Bill Payments, Rental Collections, and Embedded Finance. In FY24, the company processed $10.5 billion in transactions, serving over 500,000 customers worldwide. 

Read more about the partnership in the press release here.

Image: Rakesh Khanna, Chief Commercial Officer from PayMate with Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard (Image credit: Mastercard)