Fintech major Razorpay has recently launched RazorpayX corporate cards, a first-of-its-kind initiative to provide financial support to young startups.
Razorpay partners with Mastercard, RBL Bank and YES Bank to launch the corporate cards that offer up to 2 cr credit without any collateral. This will not only help domestic startups but also those dealing with foreign vendors by providing a low foreign exchange mark-up-free of 2.5%.
While highlighting the benefit of this Corporate card, Razorpay’s VP & GM Ayush Bansal said, “Start-ups shouldn’t have to depend on personal credit cards to fuel their growth.”
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has raised over $739M in funding so far and processes over $180B in transactions annually.
This development occurred while the fintech giant was preparing to go public soon. Recently, Razorpay paid ₹1,245 crore as taxes for flipping back to India.
This initiative is a broader part of Razorpay’s strategy to penetrate deeper into India’s startup ecosystem. Razorpay is also investing in innovative and emerging startups, primarily in the fintech space, having recently infused $30M into POP to acquire a major stake.
