Chennai-based payment infrastructure startup Mylapay has raised $1 million as part of an ongoing funding round, strengthening its balance sheet ahead of a planned Series A fundraise later this year.
The round saw continued participation from existing investors CDM Capital and Credit Saison, along with new backing from GrowthCap Ventures, led by Pratekk Agarwaal, and a group of strategic angel investors.
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Before this round, Mylapay had raised $550,000 in seed funding. The latest capital infusion will help the company accelerate adoption of its acquiring platform while advancing preparations for a full-scale Series A raise.
According to the company, the fresh funds will be used to strengthen its core payment infrastructure, expand the product stack, deepen integrations with banks and payment aggregators, and support international expansion plans across the Middle East, Africa, and the United States.
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Founded by Mohanraj Ravi, Mylapay develops backend payment processing infrastructure that covers 3DS authorisation, switching, clearing and settlement, and reconciliation. Its platform is certified by major card networks including Visa, Mastercard, and RuPay.
The startup recently launched a unified acquiring platform that enables banks and payment institutions to manage card and UPI acquiring through a single integration. Designed for scale, the platform can process more than 5,000 transactions per second and focuses on compliance-led, modular payment processing tailored for regulated financial institutions.
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