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Harshil Mathur, co-founder and CEO, Razorpay.
Harshil Mathur, co-founder and CEO, Razorpay.

‘There was very little attention paid to financial inclusion for businesses’

We recognized that while everyone was working towards driving financial inclusion for consumers and monetizing that model, but there was very little attention paid to for businesses, says Harshil Mathur, co-founder and CEO, Razorpay

—Harshil Mathur, co-founder and CEO, Razorpay

In 2014, we founded Razorpay as India’s first payment gateway for startups and small businesses. Since then, the fintech market has scaled new heights, both in terms of building new solutions around payment gateways and the widespread adoption by consumers. The data acquired from digital payments helped businesses get an insight into the spending behaviour and patterns of an individual and, thus, consumer finance and lending was born.

However, we recognized that while everyone was working towards driving financial inclusion for consumers and monetizing that model, but there was very little attention paid to for businesses. My conversations with enterprises reaffirmed that belief and I learnt that with business models becoming increasingly complex, new-age internet companies were struggling with existing payment technologies. There wasn’t one comprehensive solution that made payments, business banking, and financial services simple and accessible for businesses on a single platform. That was our click moment—to solve a core problem that underserved markets such as MSMEs faced.

We wanted to change the way businesses managed the money flow and accessed banking products. We wanted businesses to enjoy the convenience of smart financing—to be able to manage finance whenever they needed it, however they needed it, at the click of a button. That’s what led to our evolution from payments to banking and we launched Razorpay X, a neo-banking platform, and Razorpay Capital, the lending arm, in 2017. In less than two years, the two products form more than 30% of our revenue. In November 2019, progressing in that journey of delivering value, impact, and convenience for businesses, we launched corporate credit cards, current accounts and acquired another company, Opfin, for seamless automation of the entire payroll process of businesses. Today, more than 800,000 disruptors have partnered with us to create the difference we were here to make and we look forward to helping over 1.4 million disruptors by 2020.If it wasn’t for solving challenges around payments and banking today, I would still be running my crowdfunding platform without having solved a larger issue.

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