Fintech startup Razorpay buys SaaS firm TERA Finlabs
Jul 19, 2021, 11:15 IST
Financial solutions company Razorpay on Monday said it has acquired AI-based risk tech SaaS (software-as-a-service) platform TERA Finlabs for an undisclosed sum.
TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending.
This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement.
Razorpay Capital, along with TERA Finlab's technology capabilities, will be able to service the credit needs of over 10,000 businesses in India by the next year, the company said.
"We are excited that the strengths of Razorpay and TERA Finlabs are now coming together to ensure that small businesses aren't burdened by the short-term uncertainties. Our robust end-to-end platform will enable new businesses to build a scalable and profitable credit business," said Pradeep Rathnam, Co-Founder and CEO, TERA Finlabs.
Razorpay acquired Thirdwatch, an AI-driven company that helps reduce Return-to-Origin (RTO) fraud losses in e-commerce in 2018, and Opfin, a payroll management software company, in 2019.
The company said it has been witnessing a 40-45 per cent growth (on-month) and has achieved $40 billion TPV (Total Payment Volume).
Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Airtel, Ola, Zomato, Swiggy, Cred and ICICI Prudential, among others, and is set to reach 200 million customers this year.
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TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending.
This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement.
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Razorpay Capital, along with TERA Finlab's technology capabilities, will be able to service the credit needs of over 10,000 businesses in India by the next year, the company said.
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Razorpay acquired Thirdwatch, an AI-driven company that helps reduce Return-to-Origin (RTO) fraud losses in e-commerce in 2018, and Opfin, a payroll management software company, in 2019.
The company said it has been witnessing a 40-45 per cent growth (on-month) and has achieved $40 billion TPV (Total Payment Volume).
Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Airtel, Ola, Zomato, Swiggy, Cred and ICICI Prudential, among others, and is set to reach 200 million customers this year.
Advertisement
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Apple could finally bring the always-on display feature on the iPhone 13
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