PayGlocal gets RBI's nod to operate as online merchant payments company

PayGlocal, a Pune-based cross-border payment solutions provider, has received final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator. 

The authorisation allows PayGlocal to officially commence merchant onboarding, further cementing its position as one of the emerging leaders in the payments landscape.

Offering a suite of payment solutions

With this authorization, PayGlocal is set to offer a comprehensive suite of payment solutions that cater to a diverse range of businesses, ensuring seamless, secure, and efficient transaction processing and a hassle-free payment experience for end customers. 

“Receiving the final authorisation from the RBI is a testament to our commitment to excellence in the payments industry. We are now ready to serve a wider range of merchants, offering them robust, compliant and secure payment solutions that will help them grow and thrive in today's digital economy," said Prachi Dharani, CEO and Co-founder of PayGlocal.

"This authorization marks the beginning of an exciting new chapter for PayGlocal. We're deeply grateful to the Reserve Bank of India for their guidance and support throughout this process," Dharani added.

Who are the founders?

Founded in 2021 by former Visa senior directors Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande, PayGlocal operates a comprehensive suite of payment services and technology platform for payment processing and transaction risk management, specifically designed to meet the evolving needs of merchants, partners, and banks.

Backing from notable investors

The fintech firm has raised over $17 million in funding from marquee investors, including CRED CEO Kunal Shah, Tiger Global Management, Peak XV Partners, QED Innovation Labs, and Pine Labs CEO Amrish Rau, among others. 

“We have been pre-launch partners with the PayGlocal team and are impressed by their commitment to solve for the varied needs of cross border payments. We are thankful to the regulator for the authorization and confident that the company will help the nation build stronger rails for cross-border payments," said Ashish Agrawal, Managing Director of Peak XV.