CredoPay reported a 46% jump in revenue in FY24, reaching Rs 33.18 crore compared to Rs 22.63 crore in FY23.
Founded in 2014 by Siva Raja Sekhar Padala and Dore Swamy, CredoPay offers SaaS/PaaS solutions for neo-banking and payment processing. Its plug-and-play platform supports banks, financial institutions, PayFacs, and ISOs, enabling omnichannel transactions across diverse markets.
The Chennai-based fintech company has raised a total of Rs 55.66 crore in funding over 6 rounds, with the latest being a pre-Series A round led by EzSwype in March 2022. However, its current valuation remains undisclosed.
Competing with platforms like Jupiter Money and Niyo, EzSwype holds 30% of Credopay’s shares, followed by Co-founders Siva Raja Sekhar Padala and Dore Swamy, each holding over 20% stake in the company.
Along with revenue, the company’s expenses also rose to Rs 30.89 crore in FY24 from over Rs 25 crore in FY23. The cost of materials accounted for the largest share of these expenses at 13%, followed by significant costs related to employee benefits and legal and professional fees.
The fintech company turned profitable in FY24 recording a profit of Rs 1.47 crore compared to the loss of over Rs 5 crore in FY23.
CredoPay’s current EBITDA margin and ROCE turned positive at 2.02% and 2.88% respectively.