Indian fintech company Razorpay has raised $100m in a Series D financing round to take its valuation over $1bn.
The funding round was co-led by Singapore’s sovereign wealth fund GIC and US venture capital firm Sequoia.
Other participants in the funding round were Razorpay’s existing investors – Ribbit Capital, Y-Combinator, Tiger Global, and Matrix Partners.
Razorpay had raised a total of $106.5m in its Series A, B, and C funding rounds. The participants of these rounds included Tiger Global, Y Combinator, Matrix Partners, Sequoia India, Ribbit Capital, and also MasterCard.
Brief details of Razorpay and its payment solutions
Founded in 2014, Razorpay enables businesses to accept, process, and make payments through its product suite.
The company’s solutions are said to help businesses get access to various types of payment modes, which include netbanking, credit card, debit card, UPI, and commonly used payment wallets.
Razorpay co-founder Shashank Kumar, in the company blogpost, wrote: “We began Razorpay with a simple vision of helping every business accept digital payments and over the years, we have made huge strides towards making it a reality. Then & now, our commitment lives on – understanding the problems our customers face and building solutions through what we know best – technology.”
Razorpay claims to offer merchants, schools, ecommerce, and other companies with a quick, affordable and secure way for to accept and make payments online. It also offers working capital loans.
Some of the clients of the fintech company include Google, Facebook, Wikipedia, Jio, Hotstar, and Zerodha.
Through its neobank called RazorpayX, the fintech company offers business banking solutions.
The neobanking platform enables businesses to access fully-functional current accounts, and also get to automate payouts, payroll compliance and other financial processes.
In late 2019, Razorpay acquired Opfin, a payroll and HR management software firm.
