Easebuzz Gets Nod From RBI To Operate As Payment Aggregator

Easebuzz Gets Final Nod From RBI To Operate As Online Payment Aggregator

SUMMARY

Easebuzz said that the approval from the RBI will help it to continue operating as an authorised payment processing platform

Reportedly, the Pune-based startup got an in-principle approval from the central bank to operate as a online payment aggregator back in 2022

In December last year, reportedly, the company was in talks to raise INR 200 Cr which expected to see participation from Bessemer Venture Partners

Payments solutions platform Easebuzz has received a final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA).

The company said in a statement that the approval from the RBI will help it to continue operating as an authorised payment processing platform and help businesses across ecommerce, real estate, travel and tourism sectors to facilitate their digital transactions under the established regulatory framework.

“The final authorisation from RBI to operate as an online payment aggregator is a significant milestone for us and it stands as testament to Easebuzz’s adherence in building safe, secure and compliant digital payment solutions,” said Rohit Prasad, MD and CEO of Easebuzz.

Reportedly, the Pune-based startup got an in-principle approval from the central bank as PA back in 2022.

Founded in 2014 by Prasad and Vikram Kumar, Easebuzz is a full stack technology platform which helps businesses to digitise their payment collection methods. It specialises in catering to the education, real estate, ecommerce and SaaS industries. It currently claims to have processed an annualised Gross Transaction Value (GTV) of $30 Bn and serve close to 2 Lakh businesses.

The company recently forayed into other businesses which includes the launch of its invoice management and payment platform and getting certified as a biller operating unit (BOU) one Bharat Bill Payment System (BBPS), which would allow the company to act as a bridge between service providers and the payment system.

The development comes at a time when the payment gateway platform was reportedly under the scanner of the Enforcement Directorate (ED), which froze INR 500 Cr kept in virtual accounts of Easebuzz and several other major fintechs in connection with a scam linked with HPZ Token app. Though, the company denied any such probe by the law enforcement agency.

In December last year, reportedly, the company was also in talks to raise INR 200 Cr which expected to see participation from Bessemer Venture Partners and a host of investors.