Getepay Gets RBI Nod To Operate As Online Payment Aggregator

Jaipur-based fintech startup Getepay has received the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA) online. 

With the RBI’s final licence, the startup aims to scale up its operations, deepen merchant offerings and onboard small businesses, particularly from Tier II, III and rural pockets of India, in its one digital payments and commerce platform.

Additionally, Getepay seeks to expand its footprint and service offerings.

“With this RBI licence, we are now ready to deepen that impact, scale across India, and empower MSMEs with not just payments but complete commerce enablement. This is about building a digital foundation for India’s next wave of economic growth,” said Getepay’s founder and chief executive Pravin Sharma.

Founded in 2016 by Sharma, Getepay offers customised digital payment and commerce solutions to merchants. The company facilitates merchants with transaction, website and payment management options on its platform.

The startup claims to have onboarded more than 1.5 Mn merchants as its customers across categories, including kirana stores, micro-retailers, service providers and small-scale manufacturers.

The fintech company also claims to have raised around $4 Mn since its inception. It counts Hyderabad Angels, ITI Growth Opportunities Fund and DBR Ventures LLP among its investors.

In July last year, Getepay roped in cricketer Virender Sehwag as its investor without disclosing the financial terms of the deal.

With this, the company joins the likes of PayU India, Easebuzz, MobiKwik’s subsidiary Zaakpay ePayment Services, BharatPe subsidiary Resilient Payments and PB Fintech’s wholly-owned subsidiary PB Pay, among others that have secured approvals for a PA licence since the start of this year.

To break down, a fintech platform with a PA licence will enable in onboarding merchants and deploying digital payments solutions. Further, it allows the licence holder to allow online merchants to accept various payment instruments, pool collections from customers and get settlements, without the need to create a separate payment integration system of their own.

At the heart of this, emerging fintech players have been addressing the issue of filling the gap between MSMEs and traditional financial service providers.

On that ground, the fintech sector secured the maximum funding in 2024, with startups in the space raising over $2.5 Bn and the number of deals rising 23% to 162 from 132 a year ago.

Further it also projects the overall Indian fintech market opportunity to reach over $2.1 Tn, growing at a CAGR of 18% by 2030.