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Groww receives RBI approval to operate as payments aggregator
Entrackr
·
1y ago
Medial
Fintech unicorn Groww has received approval from the Reserve Bank of India to operate as a payment aggregator. The firm has joined several fintechs which recently received similar in-principle approval from the central bank. RBI has granted the licence to Groww Pay, the UPI payments platform of broking firm Groww. The licence will allow the Tiger Global and Peak XV Partners-backed firm to facilitate e-commerce transactions through its UPI app. Launched in July last year, Groww’s UPI app allows bill payment services such as making loan and credit card repayments, paying electricity and water bills and DTH recharge, among others. In October last year, Groww surpassed its arch rival Zerodha for the first time in terms of active users. Further, Groww ended 2023 with 7.5 million monthly active users whereas Zerodha and AngelOne had 6.7 million and 5.3 million MAUs, respectively. In terms of valuation, Zerodha stood at the top with $3.6 billion followed by Upstox and Groww with $3.4 and $3 billion, respectively. Last week, Groww’s Mutual Fund also received SEBI’s approval to launch the Nifty Non-Cyclical Consumer Index Fund through a new fund offering (NFO). Groww registered more than 260% jump in its operating revenue to Rs 1,277 crore in FY23, according to startup data intelligence platform TheKredible. The company also posted Rs 448.7 crore profit against Rs 239 crore loss in FY22. Like several fintechs, Groww is also planning to move its domicile to India. Entrackr exclusively reported the development in May last year. Other companies on the list include KreditBee, Pine Labs, Groww, Razorpay, Meesho and Zepto. Most recently, PayU received in-principle approval from RBI to operate as a payment aggregator. Besides PayU and Groww, fintech firms Razorpay, Cashfree, Open, EnKash, Juspay, and Infibeam also received PA licence from the apex banking body.
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Ahead of IPO, PayU receives final Payment Aggregator license
Entrackr
·
2m ago
Medial
Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. “As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,” said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organization’s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in India’s real-time payments space and leveraging Mindgate’s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwik’s subsidiary Zaakpay and PB Fintech’s subsidiary PB Pay received in-principle approval, and BharatPe’s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.
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MobiKwik’s Zaakpay receives RBI nod to operate as online payment aggregator
Entrackr
·
3m ago
Medial
MobiKwik’s Zaakpay receives RBI nod to operate as online payment aggregator. Fintech company MobiKwik announced today that its subsidiary, Zaakpay, has received a certificate of authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This regulatory approval allows Zaakpay to expand its role in India’s rapidly growing digital payments ecosystem. As an RBI-authorised payment aggregator, Zaakpay will now be able to onboard merchants and facilitate online payment transactions in compliance with the central bank’s guidelines. In a regulatory filing, the company emphasized that this milestone enhances Zaakpay’s capacity to scale its operations and deepen its presence in the digital payments market. Recently, the Gurugram-based company forayed into the securities broking space with the launch of its wholly owned subsidiary, MobiKwik Securities Broking Private Limited (MSBPL). As of Q3 FY25, MobiKwik’s registered user base had grown to 172 million, along with a merchant network of 5 million. In the third quarter of the previous fiscal year, it reported revenue of Rs 269 crore and a loss of Rs 55.2 crore.
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Zomato receives RBI nod to operate as an online payment aggregator
Inc42
·
1y ago
Medial
Zomato has received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The subsidiary named Zomato Payments Private Limited (ZPPL) has been granted the certificate of authorization by the RBI. This move will allow Zomato to expand its services and offerings, including its in-house Unified Payments Interface (UPI) service that was launched in early 2023. Zomato has been focusing on increasing revenue through measures like platform fees and expanding its quick commerce vertical, Blinkit. The company achieved profitability in the previous financial year and has seen a surge in its share price.
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Stripe gets final RBI nod for payment aggregator business
Inc42
·
1y ago
Medial
Global fintech startup Stripe has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator in India. Founded in 2010, Stripe offers a suite of fintech tools including billing and tax services. Zomato, a major foodtech company, also received approval from the RBI to operate as a payment aggregator. A total of 11 companies have received final approval from the RBI for online payment aggregator businesses. The regulatory framework for payment aggregators was introduced by the RBI in March 2020.
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Fintech startup EnKash gets RBI’s final approval for payment aggregator licence
Inc42
·
1y ago
Medial
Fintech startup EnKash has received the final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the brand name 'Olympus'. With this license, EnKash aims to drive innovation in B2B payments. EnKash operates a spend management platform and has issued over 800,000 corporate cards. The startup has raised $23 million in funding to date and counts Mayfield India, Baring India, and Axilor Ventures among its backers. The RBI has granted payment aggregator licenses to other startups like Razorpay, Cashfree Payments, and Open.
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BharatPe Group company gets RBI nod for payment aggregator licence
YourStory
·
4m ago
Medial
BharatPe Group company Resilient Payments Pvt Ltd received RBI authorisation to operate as an online payment aggregator. The company focuses on expanding in Tier II and III cities where digital payment use is rapidly growing. BharatPe processes Rs 1.7 lakh crore in payments annually and handles Rs 29,000 crore in transactions via its point-of-sale business. The RBI approval uniquely positions BharatPe with multiple financial licences. Plans include launching BharatPe X and expanding investment products.
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Mobikwik secures SEBI nod to launch stockbroking operations
Entrackr
·
1m ago
Medial
Mobikwik secures SEBI nod to launch stockbroking operations Fintech firm Mobikwik has received approval from the Securities and Exchange Board of India (SEBI) to operate as a stockbroker and clearing member through its wholly owned subsidiary, Mobikwik Securities Broking Private Limited (MSBPL). The regulatory clearance, granted under SEBI’s Stock Broker Regulations, 1992, allows the company to buy, sell, and deal in securities on behalf of clients, as well as carry out clearing and settlement of trades. MSBPL may also undertake other exchange-approved activities. Mobikwik had incorporated MSBPL in March 2025, marking its formal entry into the capital markets ecosystem. With this move, the company joins the crowded stock broking space dominated by platforms such as Groww, Zerodha, AngelOne, Upstox, and ICICI Direct. Groww currently leads the sector in terms of active user base, followed by Zerodha and AngelOne. The development signals Mobikwik’s continued push to diversify beyond payments into broader financial services. Soon after launching MSBPL, the company set up a wholly owned NBFC subsidiary, while another subsidiary, Zaakpay, received RBI approval to operate as a payment aggregator.
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Worldline’s India Arm Gets Payment Aggregator Licence
Inc42
·
1y ago
Medial
Worldline ePayments India Pvt Ltd, the Indian arm of French digital payments company Worldline, has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This approval will allow Worldline to acquire merchants and offer digital payment acceptance solutions in India. The company entered the Indian market in 2017 through the acquisition of Chennai-based payments platform MRL PosNet. The RBI has been granting payment aggregator licenses to several companies recently, indicating the significance of the expanding digital payment industry in India, which is expected to grow further in the coming years.
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IRCTC Payments gets RBI’s in-principle approval to operate as an online payment aggregator
IndianStartupNews
·
2d ago
Medial
The Reserve Bank of India has granted in-principle approval to IRCTC Payments Limited, a subsidiary of Indian Railway Catering and Tourism Corporation, to operate as an online payment aggregator. This move, part of IRCTC's strategy to expand into digital payments, follows IRCTC Payments' establishment in February 2024 and its subsequent application to the RBI. The subsidiary will facilitate digital transactions through IRCTC i-Pay and aims to develop broader fintech services for various sectors.
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RBI Grants Payment Aggregator Licence To Amazon Pay
Inc42
·
1y ago
Medial
Amazon Pay, the fintech arm of e-commerce giant Amazon, has received authorization from the Reserve Bank of India (RBI) to operate as a payments aggregator (PA). This license allows Amazon Pay to strengthen its distribution channels and deliver innovative solutions for merchants and customers. The RBI has granted the PA license to 10 applicants so far in 2024, including JusPay, Stripe, Tata Payments, and Mswipe. This approval comes amid increased scrutiny from the central bank on fintech startups and their compliance with regulations. The digital payments sector in India is expected to reach a market size of $253 billion by 2030.
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