Razorpay launches small biz credit card with no-cost interest for 50 days
Razorpayhas launched a corporate credit card for startupsand SMEs.
- It also announced payment support for freelancers and homepreneurs, who struggle to manage their invoices and payments.
- It also announced the acquisition of a payroll and HR management software company – Opfin.
- Razorpay is expecting its business volume to grow four times by the end of FY21.
The credit card will give businesses a no-cost interest for 50 days with a credit line ranging between ₹50,000 to ₹25,00,000.
“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,” said said Harshil Mathur, CEO and Co-founder of Razorpay.
The company also claims that it has seen a 500% growth in the last one year. It has over 800,000 clients and hopes to grow this number to 1.4 million by 2020. Some of its marquee clients are Indigo, Bombay Stock Exchange, Thomas Cook, Reliance Industries, SpiceJet, Aditya Birla, Sony and Oyo.
It is also expecting its business volume to grow four times by the end of FY21. The startup also announced payment support for freelancers and homepreneurs who struggle to manage their invoices and payments.
“We want to make banking trivially simple and accessible for our partner businesses so that while they focus on building new ideas, products and experiences, we take care of their concerns around financial processes,” said Mathur.
It also announced the acquisition of a payroll and HR management software company – Opfin. The financial details of the transaction are not disclosed.
In June, Razorpay raised $75 million in a series C round of funding from marquee investors like Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator.
In June, the startup also offered digital payment support for 100 currencies enabling Indian businesses to transact and accept payment from global companies.
Interestingly, Razorpay was also one of the first startups to announce employee stock options. According to reports, 140 employees had used their stock options in the company to cash in money from investment firm Tiger Global in November 2018.