Indian business-to-business (B2B) payment solutions provider PayMate has acquired online lender Z2P Technologies in a cash and stock transaction. The financial details of the deal were not divulged.

The acquisition will enable PayMate to strengthen its business of financing small and medium enterprises (SMEs).

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PayMate founder & MD Ajay Adiseshann said: “We will leverage Z2P and PayMate’s technology and analytics to speed up the credit application and the credit decision-making processes for SMEs and provide supply chain financing solutions to our large corporate clients.”

Founded in 2016, Z2P Technologies offers micro-loans by utilising technology and data. Following the acquisition, the company is expected to relocate itself to Mumbai.

Z2P co-founder Rajat Yadav said: “Technology and data-driven actionable intelligence for lending, along with machine learning, is what Z2P has built over the past few years.

“We look forward to joining the PayMate team and collaborate our credit and payment technologies, along with our experience to enhance the quality and flow of credit to SMEs in India.”

Recently, PayMate was selected by Visa to power all its B2B payments, according to The Times of India.

Its banking partners include State Bank of India, HDFC Bank, Axis Bank, Kotak Bank, Syndicate Bank, ABN Amro and other entities.