Clausematch, the award-winning global regulatory technology headquartered out of Canary Wharf, today announced the publication of its ‘Voice of RegTech’ survey. The survey, which was the first of its kind by the company - was carried out between May 2020 and May 2021 with support from the UK Financial Conduct Authority (FCA). A key objective of the study was to gain a better understanding overall of the impact of the Covid-19 pandemic on the RegTech industry.

Almost 40 firms from across the US, Asia, the Middle East, the UK, Australia, and Europe, took part in the survey. These firms ranged from well-established businesses with upwards of 200 employees to smaller businesses, and early-stage start-ups with less than a handful of employees in some cases. The survey respondents were largely CEOs or company founders.

The findings of the survey revealed the following key developments:

• The RegTech industry has seen an uplift in sales trends during the pandemic

• Financial institutions attitudes towards technology are evolving rapidly 

• Pressure is increasing for regulators to adopt regulatory technology

• 92% of RegTech firms said that the pandemic has positively impacted the adoption of cloud-based products. 

More than 42% of the RegTech firms that participated in the survey reported seeing a sharp rise in sales trends across the industry over the last six months. This is due to changes in working practices throughout the pandemic which have increased demand for innovative RegTech solutions to improve collaboration and boost efficiency.

Unsurprisingly, the findings of the survey also showed that 50% of demand from all new business for the RegTech industry is from banks. It is a well-known fact after all that traditional financial institutions such as banks have been amongst the slowest to embrace new technologies including the secure cloud. This is likely because of privacy threats traditionally perceived to be associated with cloud-based technology, such as a risk in cybersecurity hackings.

However, this study has demonstrated how attitudes are quickly changing despite previous reluctance. Of those surveyed, 92% of RegTech firms said that the pandemic has positively impacted the adoption of cloud-based products. The outdated processes and legacy technology previously enjoyed by financial institutions are no longer suitable to meet the heavy demands of today’s regulatory landscape.

In terms of compliance trends, the most dominant trend throughout the pandemic was the increase in remote compliance. 92% of RegTech firms said that they had to shift to a remote working model during the pandemic, while 8% said that they were partly remote working. This new style of working has created new risks for compliance teams. For example, as a result of remote working during the pandemic, many employees have turned to unmonitored communication apps such as WhatsApp to share sensitive information. Survey participants also reported that the pandemic has caused a rise in virtual Know-Your-Customer (KYC) checks, and boosted demand for a streamlined process. RegTech solutions bring everything that a company needs to conduct its business together on one, safe and secure platform.

As financial institutions turn to technology to increase efficiency and ease the compliance burden, there is an increased demand from RegTech firms on regulators to adopt regulatory technology. This can be seen in findings of the survey when participating firms were asked to what extent they would like to see the Regulator take a more proactive role in the promotion of RegTech solutions. The answers were as follows: 15.4% of participants said they wished to see the Regulator take a less active role, 21.3% of participants said they would like to see the Regulator remain moderate in its efforts, and 61.5% of participants said they would like to see the Regulator being considerably more proactive in adopting RegTech.

These findings of the Voice of RegTech survey reveal that the impact of the pandemic on RegTech has been significant, with heightened demand for innovative solutions within the financial services industry and to address the challenges created by the pandemic for compliance teams. RegTech solutions are providing the answers to the difficult questions that more and more businesses find themselves faced with in the current climate of uncertainty.

Leading Polish debt collection firm uses mathematical optimization to determine ideal strategy for each borrower

Ultimo SA, one of the largest debt management companies in Poland and a part of B2 Holdings, will use FICO collections treatment optimization to take the ideal treatment path for each borrower. Using advanced mathematical optimization from FICO, Ultimo will be able to identify the best, most sustainable collections strategy for each borrower, from among dozens or even hundreds of potential options.

More information: https://www.fico.com/en/solutions/collections-optimization 

“Our mission is to help people get out of debt,” said Marek Czystołowski, Chief Operating Officer at Ultimo. “We are members of the Association of Financial Companies in Poland, we follow the Association’s Principles of Good Debt Collection Practices, and each year we receive the Association’s Ethical Audit Certificate. As an ethical debt management agency, we need the best way to serve our financial services partners and their customers, and using FICO’s advanced data science will help us do just that. We are complementing Ultimo’s market-leading collections expertise with innovative data science.”

“Debt remediation is at the forefront of the financial services industry’s response to the pandemic,” said Jens Dauner, vice president of FICO overseeing the DACH region and Central Europe. “We are proud to support Ultimo’s ethical debt resolution with our AI-powered optimization. There has never been a more important time to ensure every collections decision is the best possible decision.” 

Collections optimization helps organizations of all sizes strike a balance between loss reduction, resource challenges, and operational constraints to help maximize profitability, meet regulatory requirements, and manage customer satisfaction. It can be leveraged across the collections spectrum — from pre-delinquency and early stage collections through later stage and recovery activities. Using collections optimization, lenders and debt collection agencies can easily and confidently choose the best decisions for account placements, settlements, channel selection, and other strategic treatment decisions.

• 17% of UK adults are ‘financially stretched’ – with 10% expecting to see themselves in fall into the same situation in the next 12 months
• Signs that people have become ‘stretched’ include seeing their personal income decrease (21%), having to borrow in order to pay an essential bill (10%) or being unable to pay it at all (7%)
• 7.9 million people (15%)² experienced periods with no disposable income in the last year
• 12% of UK adults saw their monthly expenses exceed their income in the last 12 months - overspending by £277 a month, on average.

New research from Yolt³, the award-winning smart money app reveals today that 8.7 million UK adults (17%) are ‘financially stretched’. A further one in ten (10%) expect to financially struggle in the next 12 months, despite signs of economic recovery, as many households continue to feel the financial impact of the pandemic.

There are many experiences which contribute to someone being considered financially stretched. This can include a fall in income (21% of UK adults experienced this in the past year), experiencing periods without access to disposable income for non-essential spending (15%) or having financial worries that impact their mental health (15%). 28% of people who experienced periods with no disposable income attribute inconsistent pay as a key factor, such as shift workers or those on zero-hour contracts.

Many people considered to be financially stretched also struggle with essential bills (such as, rent or utility bills), either having to borrow money in order to meet these costs (10%) or simply being unable to pay them (7%). More than one in 10 UK adults (12%) saw monthly expenses exceed their income in the last year, leading to an average overspend by £277 a month. These figures indicate that many people in the UK, particularly those who are financially stretched, could see rising household debts. This could also become a particular concern as government support schemes such as furlough begin to end.

However, the figures also indicate that being financially stretched is rarely due to financial mismanagement. In fact, those who are stretched financially are 20% more likely to review their household budget and expenses, keeping closer track of their incomings and outgoing than those who are deemed ‘comfortable’ (89% vs 69%).

Pauline van Brakel, Chief Product Officer at Yolt, comments: “Our research shows that despite restrictions easing and signs of economic recovery, the pandemic continues to have a very real impact on the finances of many UK households. This stretched group, despite showing good financial behaviours such as budgeting, are still struggling. This raises particular concerns when you consider the likely withdrawal of government support later in the year.”

“It’s vital that people who see themselves in this position, and those at risk of becoming financially stretched, continue to engage with their finances, in order to avoid a situation where they lose track of essential bills or see their monthly commitments spiral beyond their control. It can be easier said than done, but beyond reviewing expenses and budgeting, where possible consumers should look to reduce debt, as this not only means alleviating financial pressure, but can mean more money in your pocket in the long run. At Yolt, our free app is designed to help you manage your finances and find potential solutions to your money concerns.”

• This was an increase from 87% at the end of 2020, according to Masthaven’s latest Broker Beat research
• 88% are ‘confident’ or ‘very confident’ about the prospects for the market as a whole
• Over three quarters (77%) of brokers expect their sales and revenue to increase this year

New research from Masthaven Bank has found that broker confidence has increased since the start of 2021. The survey of 186 brokers found that almost all (92%) were confident about their prospects for the next twelve months. This was an increase in positivity among brokers since the end of 2020, when 87% of respondents described themselves as confident about their company’s prospects.

Over three quarters (77%) of respondents also said they expect their sales and revenue to increase this year, with close to half (42%) predicting their growth this year to be in the double figures. Just 3% expected their sales to decline.

The brokers surveyed also expressed confidence about prospects for the property market as a whole – 88% said they were ‘confident’ or ‘very confident’ about the market’s prospects for the next twelve months. This was a sizeable increase from the 71% who reported the same level of confidence at the end of last year, perhaps reflecting increasing optimism as the country returns to some level of normality.

Rob Barnard, Director of Intermediaries at Masthaven, said:

“Broker confidence has climbed even higher since the start of the year, reflecting the current strength of the property market, as well as general optimism surrounding the UK’s vaccine rollout and the easing of lockdown restrictions. The industry has worked tirelessly to support homebuyers since the start of the pandemic. This hard work, combined with pent-up demand from early 2020 and government support in the form of the Stamp Duty holiday, has resulted in a booming property market - but there are still challenges on the horizon.”

When asked about the challenges facing their business, just over a quarter (26%) of brokers said that economic uncertainty was the biggest challenge their business is facing, a fall from 30% who said the same in December 2020. A quarter of brokers (25%) reported that they were concerned about lenders' service levels and 16% said they believed that the biggest challenge they face is further local or national lockdowns due to Covid-19.

Rob Barnard continued:

“The government’s various Covid support initiatives will be coming to an end soon, with the furlough scheme expected to wind down in September. The withdrawal of this support will undoubtedly be felt by some borrowers. As the market enters this next phase, brokers and lenders alike will need to work together closely to support all customers, but particularly those who have been affected heavily by the pandemic. Innovation and collaboration will be key in ensuring the industry continues to provide products tailored to customers’ needs.”

Digital cloud-based pin to provide added safe social interactive features at the IBC and MPC

Alibaba Group, the Worldwide TOP Partner of the International Olympic Committee (IOC), has unveiled the Alibaba Cloud Pin, a cloud-based digital pin, for the broadcasting and media professionals at the Olympic Games Tokyo 2020. The pin can be worn either as a badge or attached to a lanyard. The digital wearable is designed to enable media professionals working at the International Broadcasting Centre (IBC) and Main Press Centre (MPC) to engage with each other and exchange social media contact information in a safe and interactive manner during the upcoming Olympic Games, between July 23rd and August 8th.

“The Olympic Games has always been a thrilling event with opportunities for media staff to meet like-minded professionals. With this unprecedented Olympic Games, we want to use our technology to add new exciting elements to the Olympic pin tradition at the IBC and MPC while connecting media professionals and enabling them to maintain social interactions with safe distancing," said Chris Tung, chief marketing officer of Alibaba Group. “As a proud Worldwide Olympic Partner, Alibaba is dedicated to the transformation of the Games in the digital era, making the experience more accessible, aspirational and inclusive for broadcasters, sports fans and athletes from across the world.”

“Today more than ever we look to engage people around the world through our digital ecosystem and connect them with the spirit of Tokyo 2020,” said Christopher Carroll, Director of Digital Engagement and Marketing at the International Olympic Committee. “We are excited to be partnering with Alibaba to support us in our digital transformation journey and to help us build engagement ahead of the Olympic Games.”

Serving as a multifunctional digital name tag, the pin enables users to meet and greet each other, adding people to their ‘friend list’, and exchange daily activity updates, such as step counts and the number of friends made during the day. This can be done easily by tapping their pins together at arm’s length, bearing in mind the social distancing measures.

The digital pins also include specific designs of each of the 33 sports on the Tokyo 2020 Programme, which can be unlocked through a list of playful tasks like making new friends. To activate the pin, users simply need to download a Cloud Pin application, and pair it with the wearable device via its bluetooth function. This Cloud pin at the Olympic Games will be given as a token to the media professionals working at the IBC and MPC during the Olympics.

As the official Cloud Services partner of the IOC, Alibaba Cloud offers world-class cloud computing infrastructure and cloud services to help enabling the Olympic Games to digitalize its operations to be more efficient, effective, secure and engaging for fans, broadcasters and athletes from Tokyo 2020 onwards.

In addition for Tokyo 2020, Alibaba Cloud and Olympic Broadcasting Services (OBS) launched OBS Cloud,an innovative broadcasting solution that operates entirely on the cloud, to help transform the media industry for the digital era.

Pan-African fintech partners with Afrimoney, Africell’s mobile money service, to provide users with smooth and affordable international transfers 

MFS Africa today announces that it has made its entry into Sierra Leone, partnering with Afrimoney, pan-African telecommunications leader Africell’s mobile money service, to enable mobile money users in the country to receive payments from abroad smoothly and affordably.  

Remittances from abroad amount to more than half of annual household consumption in Sierra Leone and therefore play an important role in economic growth. As of 2017, less than one in five people in Sierra Leone had a bank account, and mobile money provides an alternative to conventional finance.  

With this partnership in place, mobile transfer operator customers that are connected to the MFS Africa hub - such as MoneyGram, World Remit, and Xoom – can easily send money to mobile wallets in Sierra Leone. With over 320 million mobile wallets connected to MFS Africa’s hub, it provides an array of new cross-border payment possibilities. 

Dare Okoudjou, CEO and founder of MFS Africa, commented on the partnership: “To drive growth in Sierra Leone, bringing more people into the financial system is essential. We are excited to develop new financial pathways to the market with this partnership – Africell offers a compelling and easy way for Sierra Leonean people and businesses to access financial services easily. We’re expanding the possibilities for users by making it seamless and cost-effective to receive money across borders – whether that’s enabling a son or daughter in Freetown to send money home to his or her family or removing obstacles to entrepreneurs who want to look further afield for business.” 

Andy Widmann, Group Director, Afrimoney, said: “Afrimoney is driving greater financial inclusion in Sierra Leone and other African countries. Our partnership with MFS Africa adds to the strength of the Afrimoney platform by linking us to more international mobile transfer operators and giving these operators superior access to the growing market of Sierra Leone. Remittances are an important source of economic value for Sierra Leone, and we are pleased to be working with MFS Africa to make them easier and more affordable for customers.” 

MFS Africa has enhanced the next generation digital customer experience and further strengthened its position as one of the most innovative fintechs on the continent, making the whole remittance process easier.   

New CTO Paul Miller and Head of ESG Client Services, Kelly Perry bring wealth of experience to the firm as it continues to grow

Edison Group, the leading international research and investor relations consultancy, today announces the appointment of Paul Miller as CTO and Kelly Perry as Head of ESG Client Services, as the company continues its expansion following a successful year. 

Paul Miller is an experienced professional who specialises in technology solutions, data management, e-commerce, and business process improvements. He has founded and sold several businesses and has consulted for and advised numerous companies undergoing technology transformations.

At Edison, Paul will oversee all aspects of the technology side of the business as the company undergoes its own digital transformation. In addition, Paul will work with the team at Edison to develop and evolve its infrastructure to both improve efficiency internally as well how clients and readers consume its high-value information.  

Kelly Perry joins from the London Stock Exchange, where she focused on private markets fundraising, as well as also being a member of WIN (Women inspired Network). Prior to the London Stock Exchange, Kelly worked at Cowen and Company leading Corporate Access across the US and Europe. She is actively engaged with the CFA Institute ‘ESG Investing’ programme.

The appointment of Kelly Perry to Head of ESG Client Services falls closely with Edison Group’s continued expansion and focus on its ESG offering. Having launched its innovative ESG Edge Reports in in 2020, Edison has been ramping up its ESG business ever since with a flurry of new products and new clients. 

In her role, Kelly will lead the firm’s efforts to commercialise ESG solutions and integrate them across existing Research and Investor Relations. As Head of ESG Client Solutions, Kelly will also be the central point of contact for internal and external stakeholders on ESG related topics and responsible for overseeing all business and product development, product strategy, and communications related to ESG products.  

Kelly Perry, Head of ESG Client Services, Edison Group said: “ESG is the fastest growing area of Capital Markets, with ESG funds on track to hold more assets under management than their non-ESG counterparts by 2025. Rapidly becoming one of the most important factors for companies when engaging with investors. As scrutiny around ESG shows no sign of slowing, financial market participants will continue to hold sustainability at the centre of their decision making. As a result, it is an exciting time to be working for Edison, helping deliver its innovative product suite in this area and I look forward to growing this key vertical for the company and the team going forward.” 

Paul Miller, CTO, Edison Group, said: “Having worked with Edison in some capacity for a while now, I am delighted to be joining at such an exciting period for the company. In today’s market, technology is at the cornerstone of any business. For a company like Edison, it is critical to ensure clients, readers, and other stakeholders are able to access the valuable market information they need in a timely manner, all the while making all the internal processes as efficient and smooth as possible. I look forward to working with all the team at Edison as the company continues its remarkable growth, with technology at its core.”

• 56% of SME leaders believe UK regions are unequal 

• 44% say economic inequality has worsened as a result of Covid-19

• Nearly a third (32%) believe the location of their business has negatively impacted their ability to access financial support during Covid-19

Following Boris Johnson’s plans to level up the country, new research1 from Nucleus Commercial Finance reveals the scale of the challenge the government faces, with more than half (56%) of SME leaders believing the regions of the UK are unequal in terms of both economic growth and prosperity. This compares to just 17% who believe that the regions are very equal. 

Business leaders in the North are most concerned about this inequality, with 72% saying the regions are unequal, compared to just 49% for those in the South.  More specifically, those in the East Midlands feel this the most with 78% saying the UK is unequal, this is closely followed by North West (77%) and Yorkshire & Humberside (69%). Older business leaders believe in this inequality the most. 83% of those aged 55 and over believe there is regional inequality in the UK, compared to 56% for those aged 35-54 and 35% for those aged 18-34. 

The pandemic has exacerbated this trend, with over four in 10 (44%) of SME leaders believing economic inequality has become more apparent among the regions. The North West has felt this the most, with two thirds (66%) reporting increased economic inequality. 

The findings also show that SME leaders are not hopeful about the resolution of regional disparities. Over a third (35%) believe that equal business investment across the regions will never be resolved, and a similar amount (34%) believe equal government investment will never be addressed. 

These regional inequalities also manifest themselves in SME access to finance. Nearly a third (32%) of SME leaders believe the location of their business has negatively impacted their ability to access financial support during the Covid-19 pandemic. This is of particular concern to younger business leaders. 58% of those aged 18-34 believe the location of their business is impacting their ability to secure funding, compared to just 26% for those aged 35-54 and 9% for those aged 55 and over. 

Chirag Shah, CEO, Nucleus Commercial Finance comments: “Despite years of promise from the government to address the North-South divide, it’s clear SMEs are still feeling its impact and many don’t ever see it being resolved. It’s particularly worrying that business owners have felt the force of this when it comes to accessing finance. No business should feel they have less of a chance of receiving government funds due to their geographic location, but this is a harsh reality. 

“SMEs are the lifeblood of the economy and play a vital role in the communities they serve. In order for them to thrive, we need to provide them with the right tools to help them futureproof their business and ultimately succeed for years to come. Looking ahead, the government must do more to level up and unite the country, and the Prime Minister’s recent speech will be crucial in demonstrating its commitment to boosting local businesses.”

Q2 2021 Highlights 

• UK daily transaction volumes rise 30% q-o-q to £468m (from £325m in Q1) 

• Global daily transaction volumes increased by 32%, with Asia leading the way (44%  increase in volumes) 

• Continued interest in Ethereum, with average daily traded volume up 53% q-o-q 

• Ethereum’s daily traded volume was over 80% of Bitcoin’s daily traded volume in Q2,  and represents 57% of Bitcoin’s daily traded volume over the past three quarters. 

• The price of Bitcoin and Ethereum reached new highs of $63k & $4.2k respectively in  Q2, before dropping back to $31.7k and $1.9k today.1 

Commenting on global cryptocurrency market trends in Q2, Marcus Hughes,  Coinbase’s Managing Director for Europe said: 

“We continue to see significant interest in a range of digital assets from both retail and  institutional customers, with Ethereum continuing to grow in popularity and cementing its  position as the second largest cryptocurrency by market capitalisation. Ethereum’s trading  volume grew 53% from Q1 to Q2 while Bitcoin saw a 14% decline. This resulted in Ethereum  volumes making up over 80% of the traded volumes of Bitcoin in Q2, a significant increase on  last year and testament to increased interest in digital assets beyond Bitcoin. 

At Coinbase, our focus continues to be on education and product development around the  broader applications within the cryptoeconomy, whilst leaning into regulation across a number  of different countries to help build trust in this ecosystem. As testament to this, we were  delighted to be awarded the first ever crypto licence in Germany by the BaFIN in June, and  look forward to the opportunity to grow our customer offering there and across Europe.” 

1 BTC and ETH prices accurate as of July 19 2021 – 08:00

Q2 Barometer2 

Global Q1/Q2 2021 Crypto-Fiat Daily Average Transaction Volumes 

Most Actively Daily Traded Cryptocurrencies over Q1 / Q2 2021 

2 Source for all subsequent figures: Apex:E3 - Digital Market Asset Intelligence

Best and Worst Performing Cryptocurrencies over H1 2021 

The country’s leading full stack financial solutions company, Razorpay, today announced its acquisition of TERA Finlabs, an AI-based risk tech SaaS Platform, for an undisclosed amount. TERA Finlabs is a Bengaluru-based startup that provides technology, risk and capital solutions to enable innovative embedded financing solutions for businesses. TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender, which was launched in 2018 to expand their global footprint in digital lending.

This marks Razorpay’s third acquisition and comes following its foray into the B2B SME lending space with the launch of Razorpay Capital in 2019. Razorpay Capital has been solving for liquidity and cash-flow challenges of SMEs, by offering instant settlements and business loans.

TERA Finlabs has been disrupting traditional consumer lending models with customized credit products to make consumer loans affordable for customers and profitable for lenders. What makes TERA truly unique is given its deep experience in risk management, lending operations & governance, the AI-based risk-tech SaaS platform is designed to help new age consumer tech & FinTech companies deploy and scale embedded credit products with positive economics.

Amidst the difficult last year, small businesses have struggled to arrange short-term funding to meet expenses, as their lenders have responded cautiously. Over the last few months, Razorpay has been actively involved in solving banking and lending problems of businesses by strengthening their fintech and banking infrastructure. Lending products launched during lockdown, such as Cash Advance and Credit solutions with instant settlements, have helped SMEs solve cash flow problems. These accessible funds and transparent pricing mechanisms have leveled the playing field for MSMEs.

This acquisition of TERA Finlabs is aligned with Razorpay's strategy of financially supporting as many MSMEs as possible by building core-competencies in capital solutions, credit underwriting, and data-driven risk management capabilities. TERA will provide its entire technology stack, risk management capabilities, and onboarding solutions to create and enable a credit line for Razorpay's merchant network. Razorpay believes bringing in disruptive minds from companies such as TERA Finlabs can solve unique business problems in the industry.

Speaking about their third acquisition in less than three years, Harshil Mathur, CEO and Co-Founder, Razorpay said, “In India, banks are wary of providing business loans to startups and new SMEs due to the risks attached to new revenue models of startups. Through our lending platform, Razorpay Capital, we have been striving to solve these cash flow challenges, making it easier for businesses to get finance and grow. And progressing in that journey, an acquisition such as this fits perfectly with our vision of developing tailor-made affordable credit solutions for the underbanked small businesses across industries so that they can digitally transform and disrupt. The team at TERA FinLabs comes with exceptional domain knowledge in credit underwriting & risk management and we see immense value in TERA Finlabs core lending infrastructure capabilities. Together, we are looking forward to addressing newer working capital issues faced by MSMEs and soon create a major dent in the credit space in the next few years."

Pradeep Rathnam, Co-Founder and CEO, TERA Finlabs said, "MSMEs were an underserved market for a long time. However, in the last 16 months, they have started to show rapid growth with their adoption of digital. And this has created an opportunity for significant disruptions in the lending sector - Embedded Credit is one such innovation that I'm certain will transform this space. There couldn't have been a better time than now for us to join hands with Razorpay and its technological capabilities to support the MSME segment. We are excited that the strengths of Razorpay and TERA Finlabs are now coming together to ensure that small businesses aren't burdened by the short-term uncertainties. Our robust end-to-end platform will enable new businesses to build a scalable and profitable credit business."

Mukund Venkatesh – Managing Director India, GAIN Credit said, “While we are sad to see TERA Finlabs leave the GAIN Credit family, this acquisition is a testament to the lending SaaS platform that we built and, most importantly, the team at TERA that maintained a laser focus on deploying solutions that enabled profitable unit economics for “new to credit” customer segments. We are excited for the great things TERA will do as part of the Razorpay Capital team.”

Razorpay Capital along with TERA Finlab’s technology capabilities will be able to service the credit needs of over 10,000 businesses in India by the next year.

Prior to this, Razorpay acquired Thirdwatch (an Artificial Intelligence-driven company that helps reduce Return-to-Origin (RTO) fraud losses in e-commerce) in 2018 and Opfin (a payroll management software company) in 2019. Razorpay has been witnessing a 40-45% growth, month-on-month. The company has achieved $40 Bn TPV (Total Payment Volume) and aims to further solidify its position as one of India’s largest full-stack fintech companies Razorpay currently powers payments for over 8 Mn businesses including the likes of Facebook, Airtel, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others and is all set to reach 200 million customers by 2021.