B2B fintech startup, Safexpay has raised $6 million (about Rs 44 crore) in funding from two investors. $3 million came from T Choithrams BVI, an Indian family now based overseas. The remaining $3 million will come from Ardor Advisors, an American investor as the firm has signed a definitive agreement with the investor.

The post money valuation of the firm is $100 million.

In a statement, Ravi Gupta, Founder, Safexpay said that the funds will be used for product development, improving technology for more use cases, and also product launches in India and abroad, he added.

Based in Mumbai, Safexpay provides white-label payment gateways, white-label neo-banking platform, white label QR Code management tool, Payout API, and customized payment solutions to banks and other financial sector participants.

In a statement, Gupta stated that the company currently is 100 people strong, an upswing from 40 employees in September 2020. The firm has also been profitable for the last two years. He further added that going to the people directly requires massive resources on spends like marketing and an ability to sustain losses as well.

Safexpay is now looking to raise another round of funding in the next four months, with an infusion of up to $20 million, said Ravi. The firm is already in discussions with potential investors, he said, adding that it is targeting to raise the money at a valuation of $150 million.