Indian business-to-business payments firm PayMate is plotting a move into Indonesian through the $400 million acquisition of a DigiAsia subsidiary.
PayMate has entered into a binding term sheet for the acquisition of DigiAsia Bios, a Fintech-as-a-Service company in Indonesia. PayMate says it plans to invest up to $25 million in cash, with an aggregate financing structure and other terms yet to be finalised.
If the deal is completed, the combined company plans a public listing in India next year.
PayMate, which counts Visa and Lightbox among its investors, helps firms simplify and digitise B2B payment processes, covering accounts payable and receivable, invoice discounting, nd embedded finance.
In full year, 2024, the company says it processed $10.5 billion in transactions, serving over 522,000 customers worldwide.