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November 25, 2019

Razorpay rolls out corporate credit card for SMEs and start-ups

India-based Razorpay has rolled out a corporate credit card in collaboration with private sector lender RBL Bank.

The credit card has been launched to target small and mid-size enterprises (SMEs) and start-up firms.

Using the new credit card, the SMEs and start-ups can deal with short-term financial issues such as access to credit, expense management, and financial reconciliation.

They can also avail a no-cost credit line in between Rs50,000 ($697.12) to Rs25,00,000 ($35,856) for a period of 50 days.

RBL Bank will serve as the banking partner for the corporate credit card programme.

Additionally, Razorpay has introduced a special payment gateway for ‘homepreneurs’ and freelancers that will offer payment support for 100 currencies.

Concurrently, Razorpay has also snapped up a cloud-based payroll and HR management software provider known as Opfin.

Besides automating the end-to-end payroll money flow for the businesses, Opfin helps them to boost the payroll and compliance process.

Opfin founder Anuj Jain said the acquisition of Opfin will enable Razorpay to manage the tax filing, compliances via a single platform, complete payroll process and fund transfer activities.

“I strongly believe that coming together with Razorpay will accelerate the growth story of payroll management at an industry level. Given Razorpay’s strength in technology and reach across verticals, and Opfin’s software capabilities, I am certain that we will create a dent to make the entire payroll process simple, easy, and quick for businesses,” Jain added.

After Thirdwatch’s takeover, it is Razorpay’s second takeover in the last six months. Using big data and machine learning (ML), Thirdwatch helps companies to prevent frauds in real-time.

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