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 per cent. 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.
