“Can a payment aggregator become the full financial OS — banking, payroll, lending, cards — for India's startup and SMB economy?”
Founded in 2014 as a developer-friendly payment gateway addressing the friction in Indian online payments, Razorpay expanded vertically into business banking with RazorpayX in 2018 — current accounts, payouts, payroll, and vendor payments — positioning itself as the financial operating system for Indian startups and SMBs. The company added Razorpay Capital for embedded lending and Corporate Cards through bank partnerships, and is internationalizing via Curlec (Malaysia) and a multi-currency international payments product.
RazorpayX discloses RazorpayX (self-operated, partnered with RBL Bank and ICICI Bank) as its banking provider, with RBL Bank / ICICI Bank / Yes Bank (partner banks) as its sponsor bank, according to the Embedded Finance Index 2026.
RazorpayX does not disclose a bank charter of its own; its banking services are provided through RBL Bank / ICICI Bank / Yes Bank (partner banks).
RazorpayX processes payments through Razorpay Payment Gateway (self-operated), Razorpay Optimizer (self-operated), Razorpay POS (self-operated), Magic Checkout (self-operated), UPI AutoPay (self-operated), Smart Collect (self-operated), Payment Links (self-operated), Payment Pages (self-operated) and 2 others.
RazorpayX's cards are issued through Yes Bank / RBL Bank (partner banks).
RazorpayX's lending and capital products are provided by Razorpay Capital (in-house) / RazorpayX Digital Lending 2.0.
RazorpayX runs its ledger on in-house.
RazorpayX uses Razorpay International Payments (self-operated) for FX and cross-border payouts.
RazorpayX's payroll is powered by RazorpayX Payroll (in-house).
RazorpayX integrates with QuickBooks, Zoho Books and Tally.
The Embedded Finance Index 2026 maps 10 layers in RazorpayX's stack: Payments / PSP (Razorpay Payment Gateway (self-operated), Razorpay Optimizer (self-operated), Razorpay POS (self-operated), Magic Checkout (self-operated) and 6 others); Banking / BaaS (RazorpayX (self-operated, partnered with RBL Bank and ICICI Bank)); Card issuing (Yes Bank / RBL Bank (partner banks)); Ledger (in-house); Lending (Razorpay Capital (in-house) / RazorpayX Digital Lending 2.0, Razorpay Capital, Line of Credit, Digital Lending 2.0 and 2 others); Payroll (RazorpayX Payroll (in-house)); Sponsor bank (RBL Bank / ICICI Bank / Yes Bank (partner banks)); FX & payouts (Razorpay International Payments (self-operated)); Accounting (QuickBooks, Zoho Books and Tally); Spend / AP (RazorpayX Corporate Cards (self-operated, with Yes Bank/RBL), Source to Pay (self-operated) and Vendor Payments (self-operated)).
RazorpayX was founded by Harshil Mathur and Shashank Kumar and is founded in 2014, headquartered in Bangalore, India.
Get a read on where your own stack stands against RazorpayX 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.