FinTech unicorn Razorpay launches corporate cards in collaboration with Visa

razorpayIndian FinTech unicorn Razorpay today announced the launch of RazorpayX Corporate Cards, in collaboration with Visa. The new corporate cards aim to provide relief and stabilise the financial operations of COVID-19-affected startups and SMEs. The new cards will enable founders to free up working capital expenses with zero personal risk and liability and a repayment offering of up to 45 days of interest-free credit.

Harshil Mathur, CEO and Co-Founder, Razorpay said, “…Currently, most finance solutions such as bank loans cater to the strengths of large companies, leaving the large number of SMEs with limited access to financing. Financing rates are expensive and not available for all businesses. With RazorpayX corporate cards, we hope to solve the problem of access to finance for businesses owners and help improve their cash flows. The pandemic has led to a new wave of entrepreneurs and small businesses. We believe financing solutions like these will reignite innovation that can speed up the recovery of the Indian economy.”

He added, “Apart from helping manage finances for disruptive minds, RazorpayX Corporate Cards strive to make compliance and reporting much easier for a growing business that needs to focus on the core business. With RazorpayX Corporate Cards being issued by leading banks, I am certain that they will have wide acceptance and we hope to support over 100,000 entrepreneurs in the next four months.”

RazorpayX Corporate Cards will help business owners to set up recurring & non-recurring online payments and monitor monthly operational expenses such as SaaS subscriptions, digital marketing expenses, utilities, etc. The Corporate Cards also offer business owners with credit limits of up to INR 20 lakhs and the ability to extend these corporate cards to their employees. They can be used to make online payments as well as purchases at a PoS in a brick-and-mortar.

Shailesh Paul, Head of Merchant Sales & Acquiring, India and South Asia, Visa said, “Small and medium businesses are among the most impacted by the pandemic across the world. This segment contributes to almost 40% of India’s GDP and it is essential that we make it simpler for them to make and accept payments, and access credit, in a seamless digitized manner. We are delighted to extend our partnership with RazorpayX to launch the RazorpayX Corporate Cards which will provide access to secure payments and financing for underserved small and medium business owners.”

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