Fintech company Razorpay has announced the acquisition of payroll and HR management software company Opfin.
The acquisition will enable businesses to not only manage their payroll process and fund transfers, but also manage filing of taxes, compliances through a single platform without hiring any external vendors, Razorpay said in a statement.
RazorpayX is the company’s AI-driven neo-banking platform. This is Razorpay’s second acquisition in the last six months, after Thirdwatch, an AI-driven company specialising in big data and machine learning for real-time fraud prevention. Besides, Razorpay launched corporate credit cards for SMEs and startups in partnership with RBL.
Currently, the payments business forms 70% of Razorpay’s revenue and the neo-banking platform, Razorpay X along with Razorpay Capital forms the rest 30%. The company has been witnessing a growth rate of 35% month-on-month.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now