Bangalore-based startup Razorpay, which raised $75 million in funding from Ribbit Capital in June this year, is launching a business banking range of products that are targeted at businesses underserved by traditional banks. The products, including a new corporate credit card, are designed for SMEs, startups, freelancers and merchants.
The corporate card will offer credit of between the equivalent of $700 and $34,800, and all interest is waived if the balance on the card is paid within 50 days.
Speaking to TechCrunch, Razorpay’s founders Harshil Mathur and Shashank Kumar outlined that they take other factors aside from profitability into account when assessing who is eligible for the corporate card. Payment flows and collections are also taken into consideration, which is one reason why they think this card is suitable for businesses that have been underserved by traditional banks.
The company is also launching a corporate current account service, run on a neo banking it has developed itself, as well as a payroll management system and a payment option for unregistered businesses such as freelancers and mom and pop shops.