Ahead of its anticipated Series A round, Chennai-based payment infrastructure firm Mylapay has raised $1 million as part of an ongoing funding round.

In addition to fresh participation from GrowthCap Ventures, chaired by Pratekk Agarwaal, and a group of strategic angel investors, CDM Capital and Credit Saison continued to support the round.

Key Highlights

• Mylapay secures $1 million funding from CDM Capital, Credit Saison, GrowthCap Ventures, and strategic angel investors. 
• Raised capital will help strengthen payment infrastructure, expand product stack, deepen bank integrations, and support global growth. 

The business had raised $550,000 in initial money before this round. Mylapay is getting ready to scale adoption of its acquisition platform and get closer to a full Series A financing later this year thanks to the most recent funding injection.

The money raised will be utilized to improve Mylapay's core payment infrastructure, broaden its range of products, develop its connections with banks and payment aggregators, and facilitate its worldwide growth in the US, the Middle East, and Africa.

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Mohanraj Ravi founded Mylapay, a company that develops backend payment processing systems for 3DS authorization, switching, clearing and settlement, and reconciliation. Major card networks like Visa, Mastercard, and RuPay have certified its platform.

Recently, Mylapay introduced a unified acquiring platform that enables payment institutions and banks to handle card and UPI acquiring with a single integration. With a focus on compliance-led, modular payment processing, the platform can process over 5,000 transactions per second.