PayGlocal Gets Greenlight From RBI to Operate as Online Merchant Payments Company

PayGlocal, the payments start-up backed by Tiger Global, has got its payment aggregator licence approved by the Reserve Bank of India.

As per the Economic Times, the licence approval will let PayGlocal join the likes of Razorpay, Cashfree and CCAvenue to provide payment services for e-commerce merchants.

The development reportedly comes at a time when RBI is currently regulating the online merchant payments sector. It has licenced 37 entities so far, including Zoho, Worldline, Justpay Technologies.

RBI, in the cross-border space, has already given the operating licence to four fintechs, including Cashfree, Adyen, BillDesk and Amazon Pay.

PayGlocal is an international payments-focused start-up founded in 2011 in Bengaluru. PayGlocal enables merchants to accept cross-border payments in the currency of their choice, using their cards or non-card payment options.

It has also applied for a cross-border payments licence. The application is reportedly still being processed as per ET. The company expects to receive this licence from the RBI in due course of time.

Recently, the payment solution start-up raised $12 million in a new round of funding co-led by Tiger Global and Sequoia Capital India.

The company reportedly stated that the fresh infusion of funds would be used to scale its business and launch new payment solutions.

The funding round saw the participation of BeeNext and angel investors like Pine Labs CEO Amrish Rau, Citrus Pay and Jupiter founder Jitendra Gupta, and Cred's founder Kunal Shah also participated in the round.

With that round of funding, the company has so raised $17 million till date from major investors like Peak XV, Tiger Global Management and QED Innovation.

The company reportedly has over 100 merchants on its platform.