Razorpay acquires Opfin, introduces corporate credit cards with RBL
The company did not disclose the amount it has raised.
The acquisition will enable businesses to not only manage their payroll process and fund transfers, but also manage filing of taxes, compliances through a single platform without hiring any external vendors, Razorpay said in a statement.
"Payroll is a fragmented market with no clear solution. With Opfin, Razorpay hopes to make this effort a lot easier with robust technology and an enhanced experience. This acquisition is a significant part of RazorpayX's business banking strategy," it added.
RazorpayX is the company's AI-driven neo-banking platform.
This is Razorpay's second acquisition in the last six months, after Thirdwatch, an AI-driven company specialising in big data and machine learning for real-time fraud prevention.
Besides, Razorpay launched corporate credit cards for SMEs and startups in partnership with RBL.
With this launch, Razorpay aims to solve challenges around access to credit, short term credit, reconciliation, expense filing and help businesses lead a healthy financial life, it said.
These announcements were made at the second edition of FTX, Razorpay's flagship fintech conference in Bengaluru.
"It is important to think about financial inclusion not just in terms of consumers but also in terms of businesses...The move we have made today, helps us expand our horizon in payments and banking and solve new challenges for ambitious businesses who are wanting to disrupt the Indian economy," Razorpay CEO and co-founder Harshil Mathur said.
Currently, the payments business forms 70 per cent of Razorpay's revenue and the neo-banking platform, Razorpay X along with Razorpay Capital forms the rest 30 per cent.
The company has been witnessing a growth rate of 35 per cent month-on-month."Currently powering payments for over 8 lakh businesses including the likes of Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony and Oyo, the team plans to increase this to 14 lakh by 2020. This neo-banking platform expects a 4x growth in its volumes by the end of the next fiscal year," the statement said. SR SHW SHW