Chennai-based payment infrastructure startup Mylapay has raised $1 million as part of an ongoing funding round, marking a key step as the company prepares for a planned Series A raise later this year. The latest infusion builds on the startup’s earlier seed funding of $550,000 and reflects growing investor confidence in its backend-focused payments platform.
The current round includes continued participation from existing investors CDM Capital and Credit Saison. It also brings in new backing from GrowthCap Ventures, led by Pratekk Agarwaal, along with a group of strategic angel investors. With this funding, Mylapay aims to strengthen its market position before moving toward a full-scale Series A round.
Strengthening the Backbone of Digital Payments
Mylapay operates in the core infrastructure layer of the payments ecosystem, focusing on systems that power transactions behind the scenes rather than consumer-facing apps. The company builds backend payment processing technology that supports critical functions such as 3DS authorisation, transaction switching, clearing and settlement, and reconciliation.
By concentrating on these foundational elements, Mylapay positions itself as a technology partner for banks and payment institutions that require reliable, compliant, and scalable systems to handle high transaction volumes. Its platform has received certifications from major card networks including Visa, Mastercard, and RuPay, reinforcing its readiness for enterprise-grade deployments.
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Unified Acquiring Through a Single Integration
A key recent development for the startup is the launch of its unified acquiring platform. The solution allows banks and payment institutions to manage both card and UPI acquiring through a single integration. This approach is designed to reduce operational complexity and streamline payment management across multiple instruments.
According to the company, the platform is capable of processing more than 5,000 transactions per second. It follows a modular architecture, enabling institutions to deploy specific components based on their needs while maintaining compliance with regulatory and network requirements. The focus on compliance-led design reflects the increasing scrutiny and operational standards faced by payment service providers in India and abroad.
Plans to Expand Product Depth and Market Reach
The newly raised capital will be deployed across several strategic priorities. Mylapay plans to further strengthen its core payment infrastructure and expand its overall product stack. This includes enhancing existing capabilities and building additional modules that can support a wider range of acquiring and processing use cases.
Another major focus area is deepening integrations with banks and payment aggregators. Stronger and broader integrations are expected to help the company scale adoption of its platform and embed its technology more deeply within institutional payment workflows.
Alongside domestic growth, Mylapay is also preparing for international expansion. The startup has identified the Middle East, Africa, and the United States as key regions for expansion, aligning its roadmap with markets that are seeing increased demand for modern, compliant payment infrastructure.
Building Toward the Next Phase of Growth
Founded by Mohanraj Ravi, Mylapay has steadily progressed from its seed stage to its current growth phase by focusing on infrastructure reliability and scalability. The latest funding round is intended to act as a bridge toward a larger Series A raise, giving the company the resources to demonstrate wider adoption and operational maturity.
As digital payments continue to evolve, banks and financial institutions are increasingly looking for robust backend systems that can support multiple payment methods while meeting regulatory and performance requirements. Mylapay’s emphasis on modular design, high throughput, and certified network compatibility places it squarely within this critical segment of the fintech ecosystem.
With fresh capital in hand and a clear focus on scaling its acquiring platform, Mylapay is positioning itself to play a larger role in the global payment infrastructure landscape as it moves toward its next fundraising milestone.
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