Chennai: The city-based neo-banking and unified payment acquiring solution provider CredoPay today announced raising of a Pre-series A round of funding of USD 5 million from EzSwype LLC and Zent International Limited. The funding will be used for product development, client acquisition, and marketing, a company release said. The fast-growing fintech enabler, 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, Fintech Companies and ISOs. Credopay manages the highly complicated payment processing lifecycle for its clients through advanced platform-as-a-service (PaaS) and software-as-a-service (SaaS) products. “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. UNI GV 1419
