Hyderabad, India
Paymatrix is a financial technology startup founded in 2016, with headquarters in India. The company's slogan, "Would you like to put your expenses on credit card...but couldn't? Try us out today. Pay Rent, deposit, vendor bills now," reflects its core business of enabling individuals and businesses to manage cash-crunches and unanticipated expenses through short-term credit solutions.
Paymatrix offers a platform for users to pay various expenses and bills, including rent, rent deposit, maintenance, tuition fees, and vendor bills using their credit card. The benefits of using Paymatrix include a credit-free period of 45-50 days, earning rewards and miles on every payment, cashbacks of up to 5% on expenses from payment partners, and the avoidance of loan hassles for short-term borrowings.
The company has processed over 280 crores worth of credit with a user base of 99,000 in more than 12 cities. It has received recognition and support from various institutions, including being selected for Dubai Smart City Accelerator (Cohort-4), NSRCEL Fintech Startup Incubation by IIM Bangalore, and receiving a grant from ICICI Securities. Paymatrix has also been incubated by renowned organizations such as PayPal, T-hub, IIIT Foundation, and NASSCOM 10K Startup.
The company has achieved several accolades, including winning the UK's TECH Rocketship Award (2017-18), the HYSEA 2017 Design award, and being selected for Village Tech Capital 2016 sponsored by PayPal, BlackRock, and DBS Foundation. Additionally, it was chosen to participate in AXIS BANK’s accelerator program " Thought Factory " and won the Venture Startup Junction Series.
In November 2018, the startup successfully secured a $100.00K Seed Round investment from SucSEED Venture Partners and Xseed Partners.
Overall, Paymatrix's innovative approach to providing short-term credit solutions and its strategic partnerships bode well for its growth in the financial services and fintech industries, especially within the Indian market.
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