Indian business-to-business payments firm PayMate is making a strategic move into Indonesia through the acquisition of a DigiAsia subsidiary for $400 million.
PayMate has signed a binding term sheet to acquire DigiAsia Bios, a Fintech-as-a-Service company based in Indonesia. The company plans to invest up to $25 million in cash, although the total financing structure and additional terms are still being finalized.
Should the acquisition go through, the combined entity aims for a public listing in India next year. PayMate, backed by investors such as Visa and Lightbox, specializes in simplifying and digitizing B2B payment processes, which include accounts payable and receivable, invoice discounting, and embedded finance. In fiscal year 2024, PayMate reported processing $10.5 billion in transactions, serving over 522,000 customers globally.