UK-based fintech payments firm Sokin has inked a deal with India-based payments gateway Razorpay to tap the country’s money transfer market.

The tie-up is said to be Razorpay’s first with a European payments firm.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Sokin will leverage RazorpayX – the full-stack financial solutions giant’s neobanking arm – to offer business banking services to its clients.

This includes current accounts integrated with Sokin’s mobile app or online platform, allowing multiple international money transfers.

Clients will be charged a fixed monthly fee, starting INR499 ($6.66). There are no hidden fees associated with the service.

Sokin CEO Vroon Modgill said: “We offer users monthly one-off subscription fees to enable money transfers from over 150 countries and in more than 35 different currencies, without adding repeat costs or marking-up exchange rates.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Through this partnership with Razorpay, the service will now be available for everyone in the Indian market to use.”

Razorpay payment gateway is said to provide Sokin’s clients with a secure and faster way to transfer money back to their home country.

The partnership is expected to help millions of people in India who have families working abroad.

Razorpay co-founder and CTO Shashank Kumar said: “The Indian fintech sector is at its exciting best right now and we are very excited about developing this relationship with Sokin at such a ripe time.

“With our association with Sokin, we hope to together make real-time, intelligent business banking solutions accessible to the businesses and people living overseas who will be able to save money and time when making remittances.”