Mumbai, Mar 9 (PTI) 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.

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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.

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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.

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