Chennai-based neo-banking and unified payment acquiring solution provider CredoPay has raised a pre-series A round of funding of $5 million from EzSwype LLC and Zent International Limited. The firm intends to use the funds for product development, client acquisition, and marketing.
CredoPay, offers a plug-and-play integrated platform for payment acquisitions, payment processing among a host of other solutions to banks, neo-banks, payment facilitators, merchant acquirers and fintech companies. It manages payment processing lifecycle for clients through platform-as-a-service (PaaS) and software-as-a-service (SaaS) products. Currently, CredoPay has 35 clients with a merchant base of 45,000 merchants on its platforms.
“We processes two million transactions per month on our PaaS and SaaS platforms and will increase it to six million transactions per month by next year,” said, Siva Raja Sekhar Padala, co-founder and CTO of CredoPay.
“We registered a GPV (Gross Payment Volume) of ₹550 crore per month with an estimated revenue of ₹20 crore in 2021-22 and plan to grow by at least 3x annually. We are targeting to increase our client count to 100 and merchant base to 90,000 with a GPV of ₹2,000 crore per month by financial year 2023,” says Dore Swamy, co-founder and CEO of CredoPay. The company operates mainly in Tier 2 and Tier 3 cities and 80% of revenue comes from semi-urban and rural markets.
At present the company has operations in India, South Africa, Latin America, Qatar, Oman and Sri Lanka and plans to expand to North America, South East Asia and Africa in the coming years.
