India’s FinTech Giant Razorpay Is Preparing to Go Public
Hey Payments Fanatic!
One of India's biggest FinTech success stories is getting closer to the public markets.
Reports suggest Razorpay could raise around $600 million, although the final number may change before the listing goes ahead.
Razorpay has been one of the defining FinTech success stories to emerge from India over the past decade.
What started as a payment gateway for online businesses is now a much broader financial platform, built during one of the most significant payment transformations happening anywhere in the world.
Few markets have embraced digital payments as quickly as India. And few companies have benefited from that shift as much as Razorpay.
And now, like several FinTechs before it, the company is preparing to test whether public market investors are just as excited about the next phase of growth.
Speaking of scale, keep scrolling for Visa's latest quarterly results. The numbers offer another reminder that cross-border payments remain one of the most attractive growth engines in the global payments industry.
Today's remaining Payments headlines are just below. 👇 See you tomorrow!
Cheers,
INSIGHTS
➡️ Limited expands the Gold Card experience with real-time controls and premium travel perks. Cardholders can track transactions instantly, receive spending alerts, access travel benefits such as airport lounges, use concierge services, and manage card settings directly from the app, while enjoying worldwide acceptance through the Visa network.
📈 Visa reported its fastest revenue growth since 2022 in Q2 FY26, fueled by resilient consumer spending and strong transaction activity. The company generated $11.2 billion in revenue (+17% YoY), processed 66.1 billion transactions (+9% YoY), and saw cross-border payment volume rise 12%, highlighting the continued importance of global commerce as a key growth driver. Read the full article here
NEWS
🇮🇳 Razorpay confidentially files IPO papers with SEBI; the issue size is likely to be around $600 million. The filing follows Razorpay’s expansion beyond payments into banking, payroll, and lending services. Reports indicate the company generated strong revenue growth in FY25.
🇧🇷 Pix Automático completes one year, with 64% of new subscribers in the digital economy. According to EBANX, Pix Automático is helping millions of Brazilians without credit cards access subscription-based services for the first time, unlocking a new consumer segment for digital businesses.
🌍 ACI Worldwide and EPI to Power Instant Payments in Europe. Through this strategic collaboration, merchants and financial intermediaries across Europe will be able to offer Wero as a new payment method to consumers and businesses. Read more
🇩🇪 Trustap raises £7.4m to build infrastructure for agentic commerce. The investment round will fund continued product development of its marketplace and e-commerce platform, team expansion and the launch of Trustap Index. Continue reading
🌍 Nuvei to acquire Payoneer for $2.75 billion, creating a leading global platform for local and cross-border commerce. Under the terms of the agreement, Nuvei will acquire all of the issued and outstanding shares of common stock of Payoneer Global Inc. for $7.40 per share in cash, representing a total transaction equity value of approximately $2.75 billion.
🇲🇽 Clip raises $500M. Clip will use the funding to support the wallet’s rollout and expand its financial services platform. The round remains subject to regulatory approval, and the company has not disclosed the participating investors. Read on
🇨🇳 China tees up a digital payments system to compete with the dollar. The Beijing-backed mBridge project is moving closer to a commercial launch, aiming to enable faster and lower-cost cross-border payments using digital currencies. Read more
🇦🇺 OKX Australia launches OKX Pay, a wallet with stablecoin rewards. The product lets customers send and receive peer-to-peer transfers instantly and earn rewards on USDG balances held in the app. OKX Pay supports transactions in USDG, USDT, USDC, and the Australian dollar stablecoins AUDM and AUDF.
🌏 Ant Group is testing a new AI agent interface within Alipay that can complete tasks such as booking rides, ordering coffee, and purchasing investment products with user approval. The move reflects the growing shift toward agentic commerce as Alipay and rival WeChat race to make AI agents a core part of everyday digital experiences.
🇭🇺 Qvik and payment requests are available on Revolut, enabling instant account-to-account transfers, payment requests, and QR-code payments directly within the Revolut app. The addition strengthens Revolut’s local payments offering following the launch of its Hungarian branch and provides users with access to Hungary’s domestic instant payment infrastructure.
🇦🇺 AUDC to launch NZ dollar-backed stablecoin for faster trans-Tasman payments. Pegged 1:1 to the fiat currency, the digital asset is designed to facilitate real-time, 24/7 cross-border settlements, reducing processing times from several days to near-instant while addressing inefficiencies in the $30 billion Trans-Tasman trade corridor.
🇺🇸 Rain brings integrated loyalty to stablecoin card programmes. The Rewards feature means that any firm running a card programme on Rain can now launch fully branded rewards for their cardholders without standing up a separate loyalty vendor or building the infrastructure from scratch.
🇺🇸 Tripadvisor agrees to sell TheFork to American Express for $700 million. The transaction allows Tripadvisor to sharpen its focus on its Experiences business, while American Express strengthens its presence in dining and lifestyle services across Europe.
🇷🇴 Raluca Micu is the new CEO of NETOPIA Payments. In her new role, she will oversee the company’s operations to accelerate business growth through product innovation further and consolidate NETOPIA Payments’ position as an essential infrastructure for digital payments in Romania.
🇺🇸 Interchecks raises $50 million in Series C to expand its real-time payments platform. The new capital is expected to support product development, technology investments, and team expansion as Interchecks continues to scale its instant payments platform.
🌎 Paradigm leads a $9 million round in LatAm payments app El Dorado. The company is building payment infrastructure for underserved cross-border corridors across Latin America, targeting a market that founders estimate handles hundreds of billions of dollars in annual flows.
🇧🇧 Barbados launches BiMPay instant payment system, enabling real-time transactions nationwide. The new system enables real-time transfers 24 hours a day, seven days a week, including weekends and public holidays, eliminating delays that previously affected some interbank payments, which could take hours or even days to process.
GOLDEN NUGGET
𝐓𝐡𝐞 Mastercard 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐌𝐚𝐩: Acquisitions, Investments & Partnerships 👇Created by Arthur Bedel 💳 ♻️
Most people see Mastercard as a card network.
The strategy map tells a very different story. Mastercard is becoming the connective tissue between card rails, blockchain settlement, and AI-driven commerce.
1️⃣ 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 & 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐀𝐬𝐬𝐞𝐭𝐬
Mastercard agreed to acquire BVNK for up to $1.8B — the largest stablecoin-focused deal on record. Add partnerships with Tempo, Polygon Labs, Mercuryo, MetaMask, SoFi, Binance, and Consensys.
$3.7B in stablecoin-linked card volume processed across 200+ countries in 2025 — strongest growth in Colombia, Argentina, and Brazil.
→ Mastercard is not trying to win stablecoins. It is becoming the bridge.
2️⃣ 𝐀𝐠𝐞𝐧𝐭𝐢𝐜 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐞
Mastercard Agent Pay live in the US Q4 2025 — globally Q1 2026. 99% of issuers already enabled for agentic tokens.
Two frameworks may define the category:
→ Know Your Agent — certifying AI agents the way token requesters were certified a decade ago
→ Verifiable Intent — cryptographic record of identity, consent, instructions, and agent actions
→ Mastercard is writing the rules of agentic commerce now.
3️⃣ 𝐂𝐫𝐨𝐬𝐬-𝐁𝐨𝐫𝐝𝐞𝐫 & 𝐌𝐨𝐯𝐞
Triple-A, Thunes, TerraPay, FNB South Africa, Zand, Paysend.
Stablecoins embedded directly into Mastercard Move — disbursements, remittances, B2B settlement live across EMEA. Pre-funding and global payouts in either local fiat or supported stablecoins.
→ Remittances and B2B payouts are quietly being rebuilt on Mastercard rails.
4️⃣ 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 & 𝐀𝐟𝐟𝐥𝐮𝐞𝐧𝐭
60+ new affluent programs in 2025. Renewed Barclays, Tesco Bank, Amazon, Emirates Islamic, Walmart Sam's Club Mexico. Vertical co-brand with L'Oréal in LATAM.
→ Affluent portfolios are cross-border heavy — directly compounding the cross-border thesis.
The divergence with Visa is sharp.
Visa is optimizing the existing rail and selling intelligence on top of it.
Mastercard is hedging the rail itself — betting that the next decade of payments runs across multiple settlement systems, and the winner owns the connective tissue between them.
If Mastercard's bet plays out, "card network" stops being the right description. It becomes a multi-rail orchestration layer.
🚨 What's the next area of innovation for Mastercard? → Real-Time Clearing, MTN, Crypto Credential, others?
Source: CB Insights
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