PayGlocal, a Pune-based cross-border payment solutions provider, has received final clearance from the Reserve Bank of India (RBI) to operate as an online payments aggregator.
Authorization allows PayGlocal to officially start businessman incorporation, further consolidating 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 set of payment solutions serving a wide range of businesses, ensuring smooth, secure and efficient transaction processing and a hassle-free payment experience for end customers.
“Receiving the final clearance 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, PayGlocal.
“This authorization marks the beginning of an exciting new chapter for PayGlocal. We are 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 a technology platform for payment processing and transaction risk management, specifically designed to meet the evolving needs of merchants, partners and banks.
Support from leading investors
The fintech company has raised over $17 million in funding from prominent 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 partners with the PayGlocal team in the pre-launch stage and are impressed by their commitment to solving the diverse needs of cross-border payments. We are grateful to the regulator for the clearance and are confident that the company will help the country build stronger avenues for cross-border payments,” said Ashish Agrawal, CEO, Peak XV.
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