PayMate Expands Into Indonesia With $400 Million DigiAsia Deal
B2B payments firm PayMate says it plans to acquire Indonesian FinTech-as-a-Service (FaaS) company DigiAsia.
The $400 million transaction, announced Tuesday (Sept. 24), will mark Mumbai-based PayMate’s launch in Indonesia, with plans for the combined company to go public in India after the deal closes.
PayMate says its platform simplifies and digitizes B2B payment processes, optimizing working capital, and ensuring timely supplier payments. The company processed $10.5 billion in transactions during its 2024 fiscal year.
Its expansion into Indonesia follows an announcement last fall that the company had begun doing business in Singapore, Australia and Malaysia.
PayMate also does business in the Persian Gulf, with the National Bank of Oman announcing earlier this year that it would begin using the firm’s B2B payment automation solutions. In doing so, the bank’s corporate and small and medium-sized business (SMB) clients can use their Visa Business Credit Cards for making supplier payments.
DigiAsia, the announcement says, operates a “B2B2X model” aimed at customers in emerging markets, with its FinTech architecture providing small and medium business enterprises (SMEs) “comprehensive embedded finance APIs to streamline processes across the commerce value chain of distributors and customers.”
In other B2B payments news, PYMNTS wrote Tuesday about the need for modern payment systems — prioritizing speed, security, flexibility and integration with buyer and supplier back-end infrastructure — as online B2B platforms become more sophisticated and global.
In an interview posted here earlier this week, Donald Polansky, senior manager of corporate systems development at GlassCraft Door Company, told PYMNTS that his company’s B2B marketplace plans to employ custom APIs and integrate with third-party enterprise resource planning (ERP) systems, automating the quote-to-order process.
“With B2B platforms continuing to mature and gain share relative to legacy procurement channels, their ability to enable faster, more secure and customizable payment options has become a differentiator,” that report said.
PYMNTS has covered how, when it comes to B2B payments, accepting (and offering) more options has the potential to bring about more business.
“As B2B marketplaces look to reduce friction across key purchase stages, they are increasingly starting by integrating smarter, more agile payment systems that align with the demands of global trade,” PYMNTS wrote.
For example, Mondu last week announced a new Stripe integration that lets B2B merchants and marketplaces offer Mondo’s buy now, pay later options through their existing Stripe setup.
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