Chennai-based startup Mylapay, which builds payment technology, has raised $1 million in fresh funding before its upcoming Series A round.
The investment came from CDM Capital and Credit Saison, along with new investor GrowthCap Ventures, led by Pratekk Agarwaal, and a group of angel investors.
Mylapay will use this money to improve its payment systems, add new products, work more closely with banks and payment partners, and expand its business in the Middle East, Africa (MEA), and the United States.
“Mylapay has been deliberate in building a compliance-first acquiring infrastructure. We’re pleased to continue supporting the team as they scale the platform” said Davesh Manocha, Managing Partner, CDM Capital.
“Payment processing can no longer be a black-box ‘service.’ Regulatory changes and industry evolution now demand product-based solutions—configurable, secure, and built for scale. At Mylapay, we’ve productized acquiring-in-a-box with built-in compliance infrastructure, so payment acquirers gain full control and flexibility without compromising on data privacy, regulatory confidence, or performance. This capital infusion further equips us to accelerate adoption of our next-gen platform,” said Mohanraj Ravi, Founder & CEO of Mylapay.
Pratekk Agarwaal, Founder & General Partner, GrowthCap Ventures, said: “India has always led innovation in payments and the world is now adopting this maturity curve. Mylapay is solving one of the most critical infrastructure gaps—helping banks and payment institutions modernize their acquiring stack with reliability, compliance depth and scale. At GrowthCap Ventures, we back category-defining fintech infrastructure plays, and Mylapay is strongly positioned to shape the next phase of digital payments globally.”
Mohanraj Ravi founded Mylapay. It builds backend systems to process digital payments. These systems handle important functions like secure payment approval (3DS), transaction routing, settlement, and reconciliation. Its platform is certified by major card networks such as Visa, Mastercard, and RuPay.
Recently, Mylapay launched a unified acquiring platform. This new system allows banks and payment institutions to manage both card payments and UPI transactions through one single integration, making operations simpler and faster.
The platform can handle over 5,000 transactions every second. It is built in a modular way and focuses strongly on compliance and security, ensuring safe and reliable payment processing for financial institutions.
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