Safexpay, a FinTech startup raises $6mn bringing valuation to $100 million
By Leandra Monteiro
Safexpay, a Mumbai-based FinTech start-up has raised $6 million in funding from two investors at a valuation of $ 100 million. The company has raised $3 Million from T Choithrams BVI, a family of Indian origin now based overseas, and signed an agreement to raise the remaining $3 million from Ardor Advisors, an American investor.
According to the FinTech company the funds will be used for product improvement, bettering know-how for extra use circumstances, and likewise product launches in India and overseas. Safexpay as a company provides white label fee gateways, white-label neo-banking platform, white label QR Code administration software, Payout API and customised fee options to banks and different monetary sector contributors.
According to media reports, Founder and director Ravi Gupta said that the company now has a team of 100 people, up from 40 in September 2020, and has been delivering profits for the last two years. He reasoned that going to the people directly requires massive resources on spends like marketing and an ability to sustain losses as well. The company is targeting to raise another round of funding in the next four months, with an infusion of up to $20 million, he said.
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