About $5M raised by Neobanking solutions startup- CredoPay in Pre-Series A round
- ByStartupStory | March 10, 2022
CredoPay is a Chennai-based neobanking and unified payment acquiring solution provider which announced its raise of about $5 million on Wednesday in a Pre-Series A funding round from EzSwype LLC and Zent International Limited. Product development, client acquisition, and marketing are the areas where the funding will be used further, claims an official statement.
A fintech enabler, CredoPay, among a host of other solutions to banks, neobanks, payment facilitators, merchant acquirers, fintech companies, and ISOs it offers a plug-and-play integrated platform for payment acquisitions and payment processing. The complicated payment processing lifecycle has been managed by the startup for its clients through advanced platform-as-a-service (PaaS) and software-as-a-service (SaaS) products.
CredoPay has a merchant base of 45,000 merchants along with 35 clients on its platforms. Two large private banks, fintech companies, and merchant acquirers among others are included in its clientele. At present, India, South Africa, Latin America, Qatar, Oman, and Sri Lanka, are the companies where the company has been operational. In the upcoming years it further plans to expand to North America, South East Asia and Africa.
Currently, CredoPay on its PaaS and SaaS platforms processes two million transactions per month and by next year it has planned to increase it to six million transactions per month. The company has been operational mainly in Tier-II and Tier-III cities. About 80 percent of revenue has been coming in from semi-urban and rural markets.
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