Razorpay Launches MoneySaver To Simplify International Bank Transfers For Indian Exporters

Fintech unicorn Razorpay has launched an account for Indian exporters, the MoneySaver Export Account.

With this product, exporters will be able to open a ‘smart account’ in any country of their choice and receive payments locally via bank transfers on the Razorpay platform. 

The account can be opened and accessed via the Razorpay dashboard without any additional paperwork. The account comes with a single-click electronic Foreign Inward Remittance Statement (FIRS), accessible directly from the Razorpay dashboard.

“The Indian export landscape is expected to exceed $1.6 Tn, at approximately 48% of our nominal GDP of $3.4 Tn. This high trade-to-GDP ratio is only set to grow in the coming years; which is why we decided it was time for us to ease the hurdles exporters face when it comes to money movement,” Rahul Kothari, chief business officer of Razorpay, said.

As stated by Kothari, more than 10,000 exporters are using MoneySaver export accounts, intending to scale it to cater to over 1-2 Lakh businesses by the end of 2025. The fintech unicorn believes that the market needs a solution that simplifies international bank transfers without the hassle of maintaining multiple accounts in different countries. 

With this new launch, the fintech unicorn expects its international payments product suite to contribute more than 20% of Razorpay’s overall payments revenue by 2025.

Founded by Shashank Kumar and Harshil Mathur in 2014 as a payment gateway platform, Razorpay has since branched out into SME payroll management, banking, lending, payments and insurance, among others, over the years.

Razorpay recently strengthened its presence in the Malaysian market with the launch of its first international payment gateway with Curlec, now known as ‘Curlec By Razorpay’. The fintech major has also joined India’s Open Network for Digital Commerce (ONDC) network to streamline payment processes for participants.

Meanwhile, its standalone net profit widened 20% to INR 7.3 Cr in the financial year 2021-22 (FY22) from INR 6.1 Cr in FY21 due to strong growth in its business. The fintech unicorn’s revenue from operations surged 76% to INR 1,481 Cr from INR 841.2 Cr in FY21. It is among the few Indian unicorns which are profitable in the fintech sector.