Indian B2B digital payments firm PayMate has bagged funding through a Series D round that involved the participation of several investors including Visa.

The amount raised was not divulged.

Visa was joined by Recruit Strategic Partners, Brand Capital, and Mayfair 101 in the fundraising.

With the fresh infusion, PayMate intends to drive growth in the domestic and global markets.

Visa group country manager for India and South Asia T R Ramachandran said: “There is an opportunity to bring efficiencies into the B2B payments supply chain via richer data and automated processes.

“PayMate’s platform makes it possible for businesses to replace time-consuming, expensive manual processes with digital ways to manage their working capital.”

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Visa’s investment builds on its existing relationship with PayMate.

Earlier this year, the two parties collaborated to strengthen B2B payments in the Central and Eastern Europe, Middle East and Africa (CEMEA) region.

PayMate founder and CEO Ajay Adiseshann said: “We are very excited to have Visa come onboard as an investor which will help complement our existing commercial partnership with them and help us scale faster by combining capital with Visa’s network.

“In addition, Recruit holdings from Japan, our existing investor Mayfair101 and Brand Capital’s participation in this round further validates our business model, traction and growth potential.”

Currently, PayMate counts more than 35,000 businesses as clients. The platform processes around $5bn in payments per year.