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Ahead of IPO, PayU receives final Payment Aggregator license

EntrackrEntrackr · 2m ago
Ahead of IPO, PayU receives final Payment Aggregator license
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.

PayU to onboard new merchants as it gets PA license from RBI

EntrackrEntrackr · 1y ago
PayU to onboard new merchants as it gets PA license from RBI
Medial

PayU has received in-principle approval from The Reserve Bank of India (RBI) to operate as a payment aggregator. The nod will also allow the fintech firm to onboard new merchants on its platform. Back in January 2023, the apex banking body (RBI) had asked PayU to reapply for the license and consequently, the Prosus-controlled firm had to halt onboarding new customers. As per reports, the fintech firm’s complex corporate structure was one reason behind the rejection. RBI appears to have become hyper-active in the last few years as it has been hammering several segments such as PA-PG, peer-to-peer lending, buy now pay later (BNPL), abuse of credit cards and structure of non-banking financial corporations (NBFCs). PayU is the latest firm to get RBI’s nod along with a clutch of fintech firms including Razorpay, Cashfree, Open, EnKash, Juspay, Infibeam et al. As per an ET report, Cred also received payment aggregator license but the official confirmation is awaited from both sides (RBI and Cred). PayU is one of the fintech firms along with MobiKwik, Pine Labs, and Navi among others, which have been eyeing initial public offerings. In India, PayU has a base of over 5,00,000 merchants across three business sectors – payments, credit, and PayTech. It also claims to generate over $60 billion in annualised volumes (read as total transaction volume or TPVs). PayU’s Indian entity reported more than 30% growth in its revenue to $400 million (Rs 3,300 crore) for the financial year ended in March 2023. Even in the current fiscal, the firm maintained the show with $211 million (Rs 1,700 crore) in revenue from Indian operations.

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