Razorpay expands payments footprint in Singapore ahead of IPO

By Puja Sharma

FinTech company Razorpay is expanding its operations in Southeast Asia with its entry into Singapore, following its launch in Malaysia.

This marks the company’s second market in the region, and it aims to enhance transaction efficiency and reduce business costs. To ensure smooth integration into Singapore’s financial ecosystem, Razorpay plans to collaborate with banks, financial institutions, and regulatory bodies. The company is also laying the groundwork for a future public listing in India.

Businesses in the country will now be able to leverage the company’s suite of offerings, including payment gateways, cross-border transaction solutions, and real-time financial analytics. To reinforce its regional expansion strategy, the company is also introducing its international payment gateway, Curlec, in Singapore.

Since its acquisition by Razorpay in July 2023, Curlec has been experiencing rapid growth, with a reported 30% month-on-month increase. Razorpay’s platform in Singapore will address these challenges by enabling multi-currency, real-time transactions.

According to various reports, Razorpay’s co-founder and managing director, Shashank Kumar, highlighted Singapore as a key market for the company’s next phase of expansion due to its highly digital economy. He stated that Razorpay’s experience in evolving markets like India and Malaysia positions it to develop a strong payments infrastructure in Singapore, allowing businesses to scale efficiently while the company manages financial operations.

To support businesses, Razorpay is introducing a range of solutions designed to facilitate real-time transactions and lower cross-border payment costs by 30-40%. Currently, Singaporean businesses face transaction fees of 4-6% on cross-border payments, which limits their scalability. Small businesses in the region also struggle with fragmented payment systems that drive up costs and restrict access to real-time financial services.

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay is incorporated in the U.S. but has strong Indian roots. The company has secured over $740 million in funding from investors such as Tiger Global, Peak XV Partners, Y Combinator, Lone Pine Capital, and Alkeon Capital.