PayGlocal receives RBI approval to operate as an online merchant payments company

Bengaluru-based cross-border payments startup PayGlocal reportedly gets RBI-approved online payments aggregator license

According to an ET report, PayGlocal, an international payments startup, has also applied for a cross-border payments license

The payments startup received preliminary approval from the RBI for a payment aggregator (PA) license in November last year

Bengaluru-based cross-border payments startup PayGlocal has joined the ranks of fintech operators to secure a payment license in the country. It has reportedly received an online payments aggregator license approved by the Reserve Bank of India (RBI).

According to an ET report, international payments startup PayGlocal has also applied for a cross-border payments license, which is still under consideration by the central bank.

Tiger Global-backed payments startup receives preliminary approval approval In November last year, he applied for a payment aggregator (PA) license from the RBI.

Founded in 2021 by Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande, PayGlocal is a technology-driven cross-border payments platform that enables merchants to accept and collect payments from customers outside India in their local currency.

The startup has raised over $17 million in funding to date from investors including Tiger Global and Peak XV Partners.

This development comes at a time when most financial technology and payments companies are seeking a PA license, as obtaining a PA license may soon involve increased regulatory scrutiny of startups, greater compliance burdens and increased due diligence costs.

In the last six months, companies like Hitachi Payment Services, Worldline ePayments India, SabPaisa, Groww Pay Services, Innoviti and CCAvenue by Infibeam have received the PA licence from the central bank.

Meanwhile, Bengaluru-based fintech startup Cashfree Payments was first subject to secure a cross-border payment aggregator (PA-CB) license in July. BillDesk, Amazon Pay India and Adyen followed received RBI approval to operate as a cross-border payments aggregator.