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RBI Grants Payment Aggregator License to Razorpay


Razorpay, India’s Most popular Funds and Banking Platform for Companies right this moment introduced that it is without doubt one of the first full-stack monetary options firms that has been given an in-principle approval by the ̉RBI for a Cost Aggregator (PA) License. This reiterates the belief positioned by over 8 million companies in Razorpay to spice up and assist their enterprise development and endorse Razorpay as India’s most popular full-stack monetary platform.


 


With a purpose to guarantee security of retailers and customers, the RBI issued a fee aggregator framework in March 2020 (notification hyperlink here) stating that fee gateways might be mandated to have a license with the intention to purchase retailers and supply them with digital funds acceptance options. Underneath RBI’s strict analysis course of, greater than 185 fintech enterprises and startups submitted their proposals for a fee aggregator license. The few companies licensed to function as fee aggregators in India will come below the direct purview of the RBI. As an organization that has at all times adhered to regulatory governance whereas innovating towards constructing the monetary spine for Indian companies, Razorpay was a number one contender for a fee aggregator license.


 


Commenting on changing into one of many first gamers to obtain the fee aggregator license from the RBI, Harshil Mathur, CEO & Co-founder of Razorpay, mentioned, “We are really excited to have received our Payment Aggregator License. We at Razorpay, recognize that we have a responsibility to innovate by not just looking at the future but taking analogies from the past, and strengthening the financial ecosystem of tomorrow, so that millions of businesses, small and big can flourish. This event only further strengthens our commitment to never stop reinventing. We want to create new products and build experiences that will change the lives of millions of businesses and consumers.”


 


He added, “With the digital payments space coming under direct RBI regulation, we can expect to not only see an immense upsurge in online payment adoption and trust but also witness a magnified surge in digital payment innovations in the coming years. With this trust placed in us, we will continue building the financial backbone for businesses in India, one that is more cashless, more frictionless, more secure, and more connected.”


 


With a pointy give attention to product innovation that’s designed to empower and allow uncontrolled development for small companies, Razorpay, right this moment, has change into the fastest-growing fintech in India. The fee aggregator license will now assist Razorpay additional its imaginative and prescient of constructing digital funds simply accessible for all Indian companies.


 


About Razorpay

Razorpay, a full-stack monetary companies firm helps Indian companies with complete and progressive options constructed over strong know-how to deal with your entire size and breadth of the fee and banking journey for any enterprise. Established in 2014, the corporate supplies know-how fee options to over 8Mn companies. Based by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian firm to be part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee buyers similar to Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger World, Sequoia Capital India, Ribbit Capital, Matrix Companions, Salesforce Ventures, Y Combinator and MasterCard have invested a complete of $741.5 Mn via Sequence A, B, C, D, E & F funding. A number of angel buyers have additionally invested in Razorpay’s mission to simplify funds and banking and redefine how finance works in India.

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