Payments technology provider Credopay on Wednesday announced a USD 5 million (about Rs 38 crore) fundraise from Ezswype LLC and Zent International. The newly raised funds will be deployed for product development, client acquisition and marketing, the Chennai-based company said in a statement.
The company offers a plug-and-play platform for payment acquisitions, payment processing among a host of other solutions to banks, neo-banks, payment facilitators, merchant acquirers and fintech companies.
Its cofounder and chief executive Dore Swamy said the company is set to register a revenue of Rs 20 crore, and targets to grow the same at three-times annually. The company has 35 clients and 45,000 merchants on its platform, and is targeting to increase the same to 100 and 90,000, respectively, by end of FY23, Swamy said.