Unlimit, a global fintech company that is changing the way payments are handled, has been confirmed as the lead investor in the pre-seed funding round of the global payment orchestration platform, Paytring. This London-based fintech giant's investment is expected to intensify Paytring's product evolution, primarily focusing on streamlining international payments for Indian businesses. By 2029, this market is forecasted to be valued at USD $814 billion.
Paytring is an all-encompassing payment orchestration platform that employs a no-code solution method for payment collection. It is designed to unravel the complexities of local and global digital transactions. The fresh investment will effectively allow merchants and payment processors to boost operational efficiency, cut costs, and enhance end-users overall payment experience. Currently, Paytring integrates with more than 25 payment gateways and service providers across the globe, a figure that is predicted to increase in the forthcoming months.
Keshav Munjal, Co-Founder and CEO of Paytring, remarked, "Unlimit's strategic investment at such an early stage shows the importance of Paytring's solution for the expansion of businesses around the world. The payment leaders' deep tech expertise and multi-geography insights will help fast-track our development. Together, we're excited to achieve our strategic mission of empowering businesses to stay ahead of the global payments ecosystem evolving dynamics."
Reflecting on Paytring's prospects, Kirill Eves, Founder and CEO of Unlimit, said, "Paytring has the remarkable potential to revolutionise the cross-border payment landscape in India. The company has already showcased an impressive track record of growth through a series of strategic partnerships and integrations. We are excited to work together with the company's leaders to accelerate its growth trajectory even further in the years to come."
This investment could not have been timed better, considering the growth forecast for the Indian digital payment landscape. By 2024, India's total transaction value in the digital payments market is set to touch USD $254.6 billion, showing an annual growth rate (CAGR 2024-2028) of 11.56%. Just this month, India proposed a work programme at the World Trade Organisation (WTO), aiming to cut the cost of cross-border remittances and promote international trade, aligning seamlessly with Paytring's strategic goals of making cross-border payments cheaper, faster, and more transparent.
Unlimit's strategic investment in Paytring underscores the fintech company's potential to revolutionise cross-border payments in India and beyond. With a focus on streamlining international payments for Indian businesses, Paytring's innovative payment orchestration platform is poised to capitalise on the rapidly growing digital payments market.
As India seeks to reduce the cost of cross-border remittances and promote international trade, Paytring's mission aligns seamlessly with these strategic objectives. With the support of Unlimit's investment and expertise, Paytring is well-positioned to accelerate its growth trajectory and empower businesses to navigate the evolving landscape of global payments with greater efficiency and transparency.