← State of Embedded Finance 2026

Airpay

Can Airpay become the full-stack financial OS for MSMEs across India, the Middle East, and Africa by layering lending, payments, and financial inclusion on a single omnichannel platform?

HQIndia (Pune area, based on customer care number prefix 020)
IndustryFintech / SMB banking
The story

Airpay started as an omnichannel payments platform in India, targeting MSMEs and the unbanked. Over 11+ years it expanded beyond payment gateway services into a full financial services platform — building an agent network (vyaapaar) for last-mile financial inclusion across 500+ districts. More recently, it has layered on a digital lending arm (airpay.capital) acting as an RBI-registered Lending Service Provider, and has expanded internationally into the UAE and Middle East with working capital financing products, pivoting from pure payments toward an embedded finance platform for SMBs.

Last 12 months
2025-12
Product timeline
2025
Partnered with Deem Finance to embed merchant financing solutions into airpay's SME ecosystem in the UAE.· lending
Regulated entities
Lending Service Provider (LSP)
India (RBI regulated)
Airpay Payment Services Private Limited
The stack
Payments / PSP
Airpay Payment Services Pvt. Ltd. (self-operated)
Lending
airpay capital (digital lending app, India — LSP model)Invoice Financing (UAE — up to 90% of invoice value)Supply Chain Financing (UAE)Buy Now Pay Later / BNPL for vendors (UAE)Custom Financing Solution (UAE)Working Capital Loans (India — vyaapaar)Card EMI / Pay Later (India — 20+ bank partners)Deem Merchant Financing (UAE — embedded via partnership)
Accounting gap: significant