Payments solution provider Juspay, which counts SoftBank and Swedish investor Vostok Emerging Finance as among its investors, has received an in-principle nod from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA), ET reported.
With this approval, Juspay is expected to join the PA league with other fintech platforms like RazorPay, PayU, Paymate, SabPaisa, PayGlocal and MobiKwik’s payment gateway Zaakpay among others soon.
Earlier this year, the RBI granted a total of 32 in-principle authorisations to existing PAs to operate as online payment aggregators.
The central bank also accepted a total of 19 new applications from firms including Groww Pay Services, Juspay Technologies, Mswipe Technologies, Tata Payments and Zoho Payment Technologies in February 2023.
Now, Juspay has reached to the second stage of approval, however, it cannot start operations without the final approval from the RBI.
Queries sent to Juspay did not elicit any response till the filing of this article.
Founded in 2012 by Vimal Kumar, Juspay offers a technology platform that unifies payment gateways to offer merchants a seamless, secure, reliable, end-to-end, enterprise-grade payment stack.
The startup’s offerings include Justpay Safe – a payment browser, HyperSDK – a payment SDK (software development kit), Express Checkout – a payment orchestration platform, and an UPI option.
In January 2022, the startup increased its ESOP pool scheme size by 232X.
Juspay raked in $60 Mn in its Series C round of funding in December 2021. The fundraise was led by Masayoshi Son-led SoftBank Vision Fund II. While SoftBank has alone invested $50 Mn in the new round, the remaining amount was infused by the startup’s existing investors VEF and Wellington Management.
Prior to that, in April 2020, Juspay mopped $21.6 Mn in a Series B funding round led by Sweden-based Vostok Emerging Finance (VEF) with an investment of $13 Mn.
This year, Juspay also partnered with Yes Bank to launch HyperUPI – NPCI’s plug-in SDK that powers in-app UPI payments in merchant apps. While, traditional UPI payments in merchant apps involve multiple clicks, creating several points for customers to abandon the payment process, the UPI Plug-in SDK simplifies the payment experience to just a single click.
Juspay has also been a part of India’s UPI journey from the beginning. It claims to be the first technology player to build the UPI PSP on cloud, which has recorded an uptime of 99.99+% and the highest TPS of 5000.
As of September 2023, Juspay has processed more than 50 Mn transactions per day across its products, which translates to a TPV of more than $500 Bn annually. Its clientele includes companies such as – Amazon, Google, Flipkart, Swiggy, Big Basket, Cred, Ajio, Airtel, Ixigo, Axis Bank, Yes Bank, and Tata Digital.
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