Razorpay launches international payments to help MSMEs in India
Payments solution startup Razorpay on Tuesday announced that it has added support for 100 currencies, allowing Indian businesses to accept payments from different countries.
These include all popular currencies including the US Dollar (USD), Euro (EUR), British Pound (GBP), Arab Emirates Dirham (AED) and Singapore Dollar (SGD). With this offering, the company is also aiming to open new growth avenues for the MSME segment.
Razorpay Founders (L-R), Harshil Mathur and Shashank Kumar
Additionally, the International Payments capability on the Razorpay platform will help businesses with accepting payments through cards issued by foreign banks, instant payment gateway integration, and activation as well as in currency conversion.
In a statement, Razorpay stated that its international payments are integrated across the entire range of its product offering including Payment Gateway, Payment Links, Payment Pages, Subscriptions, and Invoices.
Speaking on the launch, Shashank Kumar, CTO and Co-founder, Razorpay said,
“With the launch of support for international payments, we will be able to help businesses tackle issues involving unpaid international invoices, and time taken for international transactions quickly, and make payment acceptance for cross-border ecommerce seamless, thereby helping SMEs & MSMEs access a larger pool of consumers across the world.”
With this addition, the company aims to enable support for international payments for over 20,000 businesses, by 2021.
Founded in 2014, by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay currently powers digital payments for over 2,00,000 small and large businesses, including the likes of Airtel, BookMyShow, IRCTC, Aditya Birla Capital, NSE, among others.
The company claims that it has been witnessing a 15-20 percent month-on-month growth in merchant count and is geared up to increase its client base to 3,50,000 this year. This converged payments solution company expects a 5x growth in its revenue by the end of the next fiscal year.
Till now, Razorpay has raised a total of $31.5 million in funding from marquee investors including Tiger Global, Matrix Partners, YCombinator and MasterCard.