PayGlocal, a Pune-based company specializing in cross-border payment solutions, has officially received authorization from the Reserve Bank of India (RBI) to function as an online payment aggregator. This approval allows PayGlocal to begin onboarding merchants, positioning itself as a growing leader in the digital payments sector.

Payment Solutions for Businesses

With this new authorization, PayGlocal is set to offer a wide range of payment services tailored for businesses of all sizes. Their solutions aim to provide secure, efficient, and seamless transaction processing, ensuring an easy payment experience for customers. The company’s focus on compliance and security ensures that businesses can thrive in the digital economy.

PayGlocal CEO and Co-founder Prachi Dharani expressed excitement about the RBI approval. “Receiving final authorization from the RBI is a testament to our commitment to excellence in the payments industry. We are now ready to serve a wider range of merchants with secure and robust payment solutions,” she said.

New Chapter for PayGlocal

PayGlocal journey began in 2021, founded by former Visa senior directors Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande. The company specializes in payment processing technology and transaction risk management, helping businesses manage cross-border payments and reduce fraud. Their platform has been designed to meet the growing needs of merchants, partners, and banks.

Prachi Dharani also acknowledged the importance of this approval, noting that it opens up exciting opportunities for PayGlocal as payment aggregator. “This marks the beginning of a new chapter for us, and we are grateful to the RBI for their support throughout the process,” she added.

Strong Backing from Investors

Since its founding, PayGlocal has raised over $17 million from several high-profile investors. Notable backers include CRED CEO Kunal Shah, Tiger Global Management, Peak XV Partners, QED Innovation Labs, and Pine Labs CEO Amrish Rau. These investors are confident in PayGlocal’s ability to enhance cross-border payment solutions in India.

Ashish Agrawal, Managing Director of Peak XV Partners, praised PayGlocal’s dedication to solving the challenges of cross-border payments. “We have been pre-launch partners with PayGlocal and are impressed with their commitment. We are thankful to the regulator for this authorization,” he said.