RazorpayX
“Can a payment aggregator become the full financial OS — banking, payroll, lending, cards — for India's startup and SMB economy?”
Founded2014
HQBangalore, India
FoundersHarshil Mathur, Shashank Kumar
IndustryFintech / SMB banking
The story
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.
Last 12 months
—
Product timeline
2014
Razorpay founded by IIT Roorkee alumni as a payments gateway for Indian online businesses.· pivot
2018
Launched RazorpayX — neobanking layer for current accounts, payouts, and payroll.· banking
2020
Launched Razorpay Capital for SMB lending.· lending
2021
Launched Corporate Cards in partnership with Yes Bank and RBL.· card
2022
Acquired Curlec (Malaysia) to expand into Southeast Asia.· acquisition
Regulated entities
1
regulatory licence held by RazorpayX
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
9 layers disclosed in RazorpayX’s embedded-finance stack
Payments / PSP
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)Subscriptions (self-operated)TokenHQ (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Ledger
in the full report
Lending
in the full report
Payroll
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: none
15 more providers across 8 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.