“Can a payment gateway become India's full-stack financial OS for digital-first businesses — covering acceptance, banking, payroll, lending and cards — before global platforms or Indian banks catch up?”
Founded 2013 as a developer-friendly payment gateway for Indian businesses, Razorpay evolved into 'Razorpay 2.0' in 2017 — a converged payments platform covering acceptance, disbursal and reconciliation. Subsequent expansion into RazorpayX (business banking, payouts, corporate cards), RazorpayX Payroll (via the Opfin acquisition), and Razorpay Capital (lending) repositioned it as India's full-stack financial OS for SMBs. International expansion into Malaysia (Curlec acquisition) and Singapore (PCI-DSS certified entity) precedes its 2025 IPO filing.
Razorpay discloses Razorpay (self-operated, partner banks: RBL Bank, YES Bank) as its banking provider, with RBL Bank and YES Bank as its sponsor banks, according to the Embedded Finance Index 2026.
Razorpay does not disclose a bank charter of its own; its banking services are provided through RBL Bank and YES Bank.
Razorpay processes payments through Razorpay Payment Gateway (self-operated), Razorpay Payment Aggregator (self-operated), Razorpay POS (self-operated), Razorpay Magic Checkout (self-operated), Razorpay Optimizer (self-operated) and Razorpay Curlec (Malaysia, self-operated).
Razorpay's cards are issued through RBL Bank + YES Bank (Mastercard network).
Razorpay's lending and capital products are provided by Razorpay Capital (self-operated, NBFC partnerships).
Razorpay uses Razorpay MoneySaver Export Account (self-operated) for FX and cross-border payouts.
Razorpay's payroll is powered by RazorpayX Payroll (self-operated, acquired Opfin 2020).
Razorpay integrates with QuickBooks, Tally (referenced in ecosystem) and Zoho Books (referenced in ecosystem).
The Embedded Finance Index 2026 maps 8 layers in Razorpay's stack: Payments / PSP (Razorpay Payment Gateway (self-operated), Razorpay Payment Aggregator (self-operated), Razorpay POS (self-operated), Razorpay Magic Checkout (self-operated) and 2 others); Banking / BaaS (Razorpay (self-operated, partner banks: RBL Bank, YES Bank)); Card issuing (RBL Bank + YES Bank (Mastercard network)); Lending (Razorpay Capital (self-operated, NBFC partnerships), Razorpay Line of Credit, Razorpay Capital, Cash Advance (working capital, ₹50k–₹10L) and 1 other); Payroll (RazorpayX Payroll (self-operated, acquired Opfin 2020)); Sponsor bank (RBL Bank and YES Bank); FX & payouts (Razorpay MoneySaver Export Account (self-operated)); Accounting (QuickBooks, Tally (referenced in ecosystem) and Zoho Books (referenced in ecosystem)).
Razorpay was founded by Harshil Mathur and Shashank Kumar and is founded in 2013, headquartered in Bangalore, Karnataka, India.
Razorpay has raised $741.5M+ (reported) in total (latest round: IPO (Announced), $700M; valuation: $7.5B (Series F, 2021)).
Get a read on where your own stack stands against Razorpay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.