Agency intends to make use of funds for product improvement, shopper acquisition, and advertising and marketing
Agency intends to make use of funds for product improvement, shopper acquisition, and advertising and marketing
Chennai-based neo-banking and unified cost buying answer supplier CredoPay has raised a pre-series A spherical of funding of $5 million from EzSwype LLC and Zent Worldwide Restricted. The agency intends to make use of the funds for product improvement, shopper acquisition, and advertising and marketing.
CredoPay, affords a plug-and-play built-in platform for cost acquisitions, cost processing amongst a bunch of different options to banks, neo-banks, cost facilitators, service provider acquirers and fintech firms. It manages cost processing lifecycle for purchasers via platform-as-a-service (PaaS) and software-as-a-service (SaaS) merchandise. At the moment, CredoPay has 35 purchasers with a service provider base of 45,000 retailers on its platforms.
“We processes two million transactions per thirty days on our PaaS and SaaS platforms and can improve it to 6 million transactions per thirty days by subsequent 12 months,” stated, Siva Raja Sekhar Padala, co-founder and CTO of CredoPay.
“We registered a GPV (Gross Fee Quantity) of ₹550 crore per thirty days with an estimated income of ₹20 crore in 2021-22 and plan to develop by at the least 3x yearly. We’re concentrating on to extend our shopper rely to 100 and service provider base to 90,000 with a GPV of ₹2,000 crore per thirty days by monetary 12 months 2023,” says Dore Swamy, co-founder and CEO of CredoPay. The corporate operates primarily in Tier 2 and Tier 3 cities and 80% of income comes from semi-urban and rural markets.
At current the corporate has operations in India, South Africa, Latin America, Qatar, Oman and Sri Lanka and plans to broaden to North America, South East Asia and Africa within the coming years.
