Fintech firm CredoPay enters the Middle East
Neo-banking and unified payment procurement solution provider has announced its foray into the Middle East. The company has tied up with Oman’s largest business conglomerate, The Zubair Corporation, to start its operations in the Middle East.
The leading fintech enabler launched its services under the brand name SalisPay in Muscat, the capital of Oman, last week. SalisPay is a joint venture with Oman Computer Services LLC, a 100% subsidiary of Oman’s largest business conglomerate, The Zubair Corporation (TZC). TZC has businesses in a wide range of industries, including technology, infrastructure, investments, real estate, tourism, real estate, telecommunications, energy and education.
SalisPay will be a one-stop solution for unified procurement, multi-channel payment processing and connected banking solutions for banks, new banks, payment facilitators, acquirers, fintech companies and ISOs in the Middle East.
The joint entity will provide customers with secure, robust, certified and scalable solutions through its platform-as-a-service (PaaS), software-as-a-service (SaaS) and managed services.
CredoPay co-founder and CEO Dore Swamy said the joint venture with The Zubair Corporation will help expand the company’s footprint in the Middle East.
“CredoPay is a robust platform that offers our customers faster speed to market, lower installation, maintenance and operation costs. This joint venture with TZC, the largest business house in Oman with presence and influence across the Middle East, will help us capture the Middle East market ,” Dore Swamy added.
TZC’s CEO, Niels Bormans, said that SalisPay was part of the effort to pave the way for the future of digital payments in the region. “This innovative fintech platform is set to revolutionize how we make and receive payments in Oman and the Middle East in the near future,” he added.
CredoPay’s co-founder and CTO, Capt. Siva Raja Sekhar Padala (Retd), 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 by RuPay, VISA, MasterCard, AMEX, JCB and many more international card associations.”
SalisPay COO Anu Cherian Philip said: “With contactless and mobile payments on the rise, and in-person retail sales picking up again, many businesses in the Middle East are looking to take advantage. It is our aim at SalisPay to be your trusted partner in this growth journey, and supports their need for a seamless, digital payment processing and collection experience.”
An established fintech enabler in India, CredoPay currently has a merchant base of 75,000. The platform currently processes a whopping five million transactions per month worth Rs 700 crore. The cumulative gross purchase value (GPV) of all the transactions on the platform till now is Rs 7,200 crore.
In addition to transaction processing, the new-age platform also acts as a financial product marketplace with real-time settlement enabling traditional financial product companies such as wealth management firms, NBFCs and banks to embark on a digital journey and reach out to a larger target market . . CredoPay’s 75,000 strong network gives its customers access to a large pool of associates to sell and fulfill their products on a real-time basis.
Before expanding to the Middle East, CredoPay had operations in India, South Africa, Latin America and Sri Lanka. It has plans to expand to North America, Southeast Asia and Africa in the coming years.
CredoPay had raised a $5 million Pre-series A round from EzSwype LLC and Zent International Limited earlier this year.
