Safexpay is a Mumbai-Headquartered four-year-old B2B fintech startup that focuses on simplifying payments and banking needs for businesses. It announced on Thursday that it has raised $6 million in funding from two investors at a valuation of $ 100 million.
The startup has raised $3 million from T Choithrams BVI, and signed a comprehensive agreement to raise the remaining $3 million from Ardor Advisors, an American investor, said Ravi Gupta its founder and director.
Safexpay intends to use the fresh funds for product development, updating technology for more use cases, as well as product launches in India and abroad, he added.
The startup offers white-label payment gateways, a white-label neo-banking platform, a white label QR Code management tool, and Payout API, along with customized payment solutions to banks and other financial sector participants.
Gupta told the company currently has a team of 100 people, as compared to 40 in September 2020, and has been registering profits for the last two years.
He added that reaching out to people directly demands huge resources on expenses like marketing along with an ability to bear losses.
He said that SafexPay is looking to raise another round of funding in the next four months, with up to $20 million in infusion.
The company is already in talks with potential investors, he said, adding that it is looking to raise the money at a valuation of $150 million.
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This week, another digital lending startup, Kudos also raised pre-Series A funding from marquee fintech founders and super angels to onboard the best minds in the nation to help create its full vision of enabling digital lending to reach millions of Indians across segments and geographies. The amount of the fund remains undisclosed.
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