CredoPay, a city-based neo-banking and unified payment acquiring solution provider announced the completion of a USD 5 million Pre-Series A round of fundraising led by EzSwype LLC and Zent International Limited. According to a press statement from the firm, the funds will be utilised for product development, customer acquisition, and marketing. CredoPay, a fast-growing fintech enabler, provides Banks, Neo-banks, Payment Facilitators, Merchant Acquirers, Fintech Companies, and ISOs with a plug-and-play integrated platform for payment acquisitions, payment processing, and a variety of additional solutions. Credopay’s innovative platform-as-a-service (PaaS) and software-as-a-service (SaaS) tools help its clients manage the very complex payment processing lifecycle.
“Our value proposition to our clients is faster speed-to-market, lower cost of installation and operations and transaction decline rates of less than 1%. We registered a GPV of Rs 550 crore per month with an estimated revenue of Rs 20 crore in FY 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 Rs 2,000 crore per month by FY23,” Dore Swamy, Cofounder and CEO of CredoPay, said.
