CredoPay raises $5M in Pre-Series A funding

CredoPay raises $5M

Chennai: Chennai-based neo-banking and unified payment acquiring solution provider CredoPay has announced the raising of a Pre-Series A round of funding of $5 million from EzSwype LLC and Zent International Limited.

The funding will be used for product development, client acquisition, and marketing.

‘Our value proposition to our clients is faster speed-to-market, lower cost of installation & operations, and transaction decline rates of less than 1 percent. 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,’ said Dore Swamy, co-founder, and CEO of CredoPay.

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