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November 23, 2022

India’s neobanking solutions startup CredoPay forays into Middle East

CredoPay, an India-based neo-banking and unified payment acquiring solution provider, has forayed into Middle East with the launch of its services under the brand name SalisPay in Muscat, Oman.

SalisPay is a joint venture between CredoPay and Oman Computer Services, a 100% subsidiary of Oman-based business conglomerate The Zubair Corporation (TZC).

Serving as a one-stop solution for unified acquiring, multi-channel payment processing and connected banking solutions, SalisPay will cater to banks, neo-banks, payment facilitators, merchant acquirers, fintech companies and ISOs in Middle East.

Through platform-as-a-service (PaaS), software-as-a-service (SaaS) and managed services products, SilasPay will offer clients secure, certified, and scalable solution.

CredoPay cofounder and CEO Dore Swamy said: “CredoPay is a robust platform which offers our clients faster speed-to-market, lower cost of installation, maintenance & operations.

“This joint venture with TZC, the largest business house in Oman with presence and influence across Middle East, will help us capture the market in Middle East.”

TZC’s Group CEO Niels Bormans said that SalisPay is part of its efforts to pave the way for digital payment future of the region.

“This innovative fintech platform is set to revolutionise how we make and receive payments in Oman and Middle East in the near future,” he added.

CredoPay cofounder and CTO captain (retd) Siva Raja Sekhar Padala said: “The platform is highly scalable, robust and secure and is certified by leading international certification agencies including PCI DSS and ISO 9001:2015. It is capable of processing transactions of RuPay, VISA, MasterCard, AMEX, JCB and many more international Card Associations.”

Currently, CredoPay has a merchant base of 75,000. It monthly processes around five million transactions worth Rs 7bn ($86m). The cumulative Gross Purchase Value (GPV) of all the transactions done on its platform so far has touched Rs72bn ($880m).

In addition to transaction processing, the platform also serves as a marketplace for financial products enabling real time settlements. This feature allows conventional financial product companies, such as wealth management firms, NBFCs and banks to ‘embark on a digital journey’ and tap larger market.

CredoPay has operations in India, South Africa, Latin America and Sri Lanka.

It intends plans to expand to North America, South East Asia and Africa in the years to come.

Earlier this year, CredoPay had raised $5m through a pre-series A round from EzSwype and Zent International Limited. 

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