{"id":2619,"date":"2020-02-17T12:00:08","date_gmt":"2020-02-17T06:30:08","guid":{"rendered":"https:\/\/rzpwp.blog\/?p=2619"},"modified":"2025-05-05T14:43:32","modified_gmt":"2025-05-05T09:13:32","slug":"razorpayx-a-startup-in-a-startup-neobank","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/razorpayx-a-startup-in-a-startup-neobank\/","title":{"rendered":"RazorpayX &#8211; How We Built a Startup in a Startup"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you\u2019re someone who\u2019s interested in the Indian fintech industry, then you surely know of Razorpay.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Razorpay\u2019s extensive product suite caters to accepting, processing, and disbursing payments. Founded in 2014, the journey of Razorpay over the years has been incredible, powering disruptors of all scale. With product after product, we have been able to provide the best payment solutions for all sorts of business cases, no matter how complicated or straightforward.<\/span> <span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">With over 800,000 merchants using Razorpay\u2019s payment solutions, the biggest names in the market ride with us. Being the 7th employee at Razorpay, I\u2019ve seen the company unfurl into a fintech superpower in India. And, I can\u2019t be more proud to be a part of the overall growth and mission of the company.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Today, I\u2019d like to shed some light on the most exciting product I\u2019ve been working on &#8211; <a href=\"https:\/\/razorpay.com\/x\/\"><strong>RazorpayX<\/strong><\/a>, our platform that supercharges banking.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">The story is interesting because it is not just about a great product that we are building, but also about how we came about it.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">In 2018, we announced our entry into business banking with RazorpayX in our flagship event, FTX.<\/span><\/p>\r\n<p><iframe loading=\"lazy\" title=\"RazorpayX - Announcement at FTX 2018\" width=\"770\" height=\"433\" src=\"https:\/\/www.youtube.com\/embed\/wlDowti7swA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\r\n<p><span style=\"font-weight: 400;\">You may wonder &#8211; <\/span><b><i>why?<\/i><\/b><\/p>\r\n<h2><strong>The gap in the system<\/strong><\/h2>\r\n<p><span style=\"font-weight: 400;\">How business banking is carried out is not the most efficient way to manage finances. With traditional business banking, businesses spend way too many hours on manual labor every month, while dealing with buggy software and complex infra systems.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Several Razorpay merchants conveyed to us how their business banking experience is flawed, which got us thinking &#8211; we\u2019ve already enhanced the payments experience. Who better to take business banking forward?<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">So, we validated the opportunity we had at hand and delved into some primary research.\u00a0<\/span> <span style=\"font-weight: 400;\">We talked to 400+ merchants to understand their experience with business banking and drew insights from our conversations. <\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Next, we surveyed 1,500 CxOs and gathered<\/span><\/p>\r\n<ul>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">64% of companies believe their payment service providers are best equipped to solve their payment challenges as opposed to banks<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">10x as many companies polled believe payment service providers innovate better than banks<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">36% of businesses believe manual dependency and <a href=\"https:\/\/razorpay.com\/learn\/what-is-reconciliation\/\">reconciliation<\/a> are the biggest challenges in their current money management<\/span><\/li>\r\n<\/ul>\r\n<h2><strong>Our solution to bridging the gap &#8211; RazorpayX<\/strong><\/h2>\r\n<p><span style=\"font-weight: 400;\">Since we deal with many different payment flows, we wanted to create a whole new platform that would be dedicated only to building a product that would do away the challenges of business banking. We began to create a platform on which we can further build products that would ease the process challenges for businesses, like integrations with payroll software, and more.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">During the early access, merchants were able to use the platform with RazorpayX Lite. We created an entire <\/span><a href=\"https:\/\/razorpay.com\/x\/payouts\/\"><span style=\"font-weight: 400;\">API and dashboard payouts platform<\/span><\/a><span style=\"font-weight: 400;\"> over RazorpayX Lite. In a few months, thousands of merchants started using it to make payouts at scale to vendors, customers, and even employees.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">From then to now, the platform has gone through major upgrades.<\/span><\/p>\r\n<h2><b>A few use-cases for RazorpayX<\/b><\/h2>\r\n<ol>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Lending<\/strong> companies like Kissht and EarlySalary have been unable to disburse loans to their customers instantly owing to their dependencies on manual processes and cumbersome banking tech. With RazorpayX, these companies were able to disburse loans within seconds<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">E-<strong>commerce<\/strong> companies that provide multiple payment options to their customers have traditionally not been able to process refunds for all methods with equal speed owing to an inconsistent customer experience. Cure.fit, Voylla.com, and other players in the market use RazorpayX to make instant refunds to their customers, irrespective of the payment mode (including CoD)<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A key component of making successful <strong>games<\/strong> is the process of ensuring winners get rewards, and fast. Dependencies on net-banking and manual methods were not optimal for progressive gaming companies. RazorpayX has helped companies like Mobile Premier League, RummyCulture, Pokersaints, and many more to transfer winnings immediately, and with ease<\/span><\/li>\r\n<\/ol>\r\n<p><span style=\"font-weight: 400;\">As we scaled, we realised current accounts would be integral to the product because of the growing demand to support higher volumes of transactions and superior customer experience. We wanted businesses to have the freedom to define their processes, unlike traditional current accounts.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">During our event <strong>FTX 2.019<\/strong>, we announced RazorpayX\u2019s expansion into current accounts, payroll, and corporate credit cards.<\/span><\/p>\r\n<p><iframe loading=\"lazy\" title=\"Introducing RazorpayX - Current Accounts, Payroll, Corporate Cards | Razorpay\" width=\"770\" height=\"433\" src=\"https:\/\/www.youtube.com\/embed\/DQWYWQpR_Os?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\r\n<p><span style=\"font-weight: 400;\">We built <\/span><a href=\"https:\/\/razorpay.com\/x\/current-accounts\/\"><span style=\"font-weight: 400;\">RazorpayX with Current Accounts<\/span><\/a><span style=\"font-weight: 400;\"> in partnership with RBL bank and included all standard banking services like <a href=\"https:\/\/razorpay.com\/learn\/what-is-a-bank-cheque-book\/\">cheque book<\/a>, debit card, and accounting statements. We merged these banking services along with powerful tech capabilities like API banking, approvals workflow, and insightful reports.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Next, we wanted to have a payroll system within RazorpayX\u2019s platform. And, payroll is fragmented without a clear-cut solution, which got thinking &#8211; should we build? Should we buy? Or should we partner?<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">The more we thought, partnering made more sense, and we found the best company to partner with. <\/span><a href=\"https:\/\/opfin.com\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">Opfin<\/span><\/a><span style=\"font-weight: 400;\">, a payroll and HR management software company, turned out to be just right to automate the entire payroll process of a business, seamlessly.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Opfin does more than just payroll and fund transfers. It also manages tax filing and compliance via a unified platform, without having to hire any external vendors.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Ok, current account, <\/span><b><i>check<\/i><\/b><span style=\"font-weight: 400;\">. <\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Payroll, <\/span><b><i>check<\/i><\/b><span style=\"font-weight: 400;\">. <\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">What next?<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">We wanted to go just one step further.\u00a0<\/span><\/p>\r\n<h2><b>Corporate credit cards.<\/b><\/h2>\r\n<p><span style=\"font-weight: 400;\">We\u2019re partnering with banks and networks to build <\/span><a href=\"https:\/\/razorpay.com\/x\/corporate-credit-cards\/\"><span style=\"font-weight: 400;\">corporate credit cards<\/span><\/a><span style=\"font-weight: 400;\"> from the ground up that offer immense flexibility with limited-time credit period and auto-repayment for businesses. These cards powered by our credit intelligence engine can be used to make payments towards Google Ads, Facebook Ads, AWS, Business Travel, and so much more.<\/span><\/p>\r\n<h2><strong>So far and more<\/strong><\/h2>\r\n<p><span style=\"font-weight: 400;\">Even in early access, we\u2019ve hit 3 billion annualised TPV serving thousands of merchants. We\u2019re also processing over 2 lakh payouts every day, out of which 1 lakh is consumer loans.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">We are perpetually endeavouring to make the RazorpayX platform more and more stable every day. We want to further grow the platform by building and integrating products that can extend to simplify business banking while providing the best possible experience to prove all businesses a viable alternative to traditional business banking.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">We are constantly working towards reimagining and redefining business banking in India, and we\u2019re looking forward to all of you joining us in our journey.<\/span><\/p>\r\n\r\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Xperience the future of banking<\/a><\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>With RazorpayX, we wanted to create a whole new platform that would be dedicated only to building a product that would do away the challenges of business banking. Here&#8217;s more on how we did it.<\/p>\n","protected":false},"author":20,"featured_media":2621,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[57],"class_list":{"0":"post-2619","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-banking","8":"tag-technology"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=2619"}],"version-history":[{"count":2,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2619\/revisions"}],"predecessor-version":[{"id":22409,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2619\/revisions\/22409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/2621"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=2619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=2619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=2619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}