Razorpay Set for Confidential IPO Filing
Hey Payments Fanatic!
FinTech unicorn Razorpay is preparing to confidentially file for an initial public offering (IPO) within the next few weeks.
The payments company from India looks to raise between $600 million and $700 million, at an expected valuation of $5-6 billion, a markdown from its peak of $7.5 billion four years ago.
This move comes at a time when PhonePe, the Walmart-backed payments company, paused its IPO plans last month.
Razorpay is currently processing around $180 billion in total payment value, as per the company’s disclosures. In 2023, the company reported processing $150 billion in total payment value.
The FinTech sits at the intersection of several themes worth watching, including the evolution of payment aggregators into full-stack financial platforms and the increasing formalization of India’s digital economy.
The bigger question is what kind of FinTech story public markets will reward in 2026: speculative growth at the right price, or disciplined expansion built on payments, profitability, and platform depth.
Track the latest news across the payments landscape below. 👇See you tomorrow!
Cheers,
INSIGHTS
📊 Is Adyen the only one that truly cracked the platform playbook?
WhiteSight mapped Adyen’s entire ecosystem👇
NEWS
🌏 PhotonPay expands local account capabilities across Southeast Asia and Africa, enabling businesses to collect payments in PHP and KES, as part of its expansion into fast-growing digital markets. The move supports rising e-commerce and mobile payment adoption, offering more efficient and compliant cross-border payment solutions.
🌎 CAF and Mastercard join forces to expand access to financing in Latin America and the Caribbean. Through the Mastercard Center for Inclusive Growth, the collaboration will channel financing and technical support to micro, small, and medium-sized enterprises (MSMEs), with a focus on women-led businesses, underserved communities, and climate action.
🇮🇳 Razorpay set for confidential IPO filing; valuation may fall to around $5 billion. The digital payments company is looking to raise between $600 million and $700 million, they said, with the expected valuation pegged at $5-6 billion, a markdown from its peak of $7.5 billion more than four years ago.
🇺🇸 Meow expands stablecoin payment capabilities with BVNK. The BVNK integration gives Meow customers access to stablecoin and crypto payments, while extending access to multiple stablecoin currencies and the Swift network. Keep reading
🇬🇧 PayDo launches new crypto-to-fiat payment capabilities. Together, the new capabilities are designed to reduce the fragmentation that still defines many crypto-to-fiat workflows. Rather than relying on multiple providers to fund accounts, convert assets, and settle transactions, businesses can now manage those processes within the PayDo ecosystem through a more unified infrastructure.
🇺🇸 Claude ‘takes down’ FinTech startup as Anthropic suspends over 60 accounts. Belo temporarily lost access to its operations after Anthropic suspended its use of the Claude AI tool over an alleged policy violation, disrupting over 60 accounts without a clear explanation.
🇳🇬 Tinubu approves $75m investment in Flutterwave ahead of IPO. The move, following due diligence by major accounting firms, aims to attract global investors and expand local ownership, with strong market interest expected in the offering.
🇺🇸 Stripe doubles down on blockchain and stablecoins, aiming to become AWS for money. Stripe aims to make it seamless for users to move between traditional banking rails and crypto, with particular focus on emerging markets where stablecoins and DeFi can offer services that conventional banks struggle to provide.
🇺🇸 Lydian launches Visa crypto card. Available as both a physical card and an instant-issue virtual option, the Lydian Card allows shoppers to use more than 300 supported digital assets, from stablecoins to major cryptocurrencies, for everyday purchases wherever Visa is accepted - whether in-store or online.
GOLDEN NUGGET
𝐖𝐞 𝐛𝐫𝐨𝐤𝐞 𝐝𝐨𝐰𝐧 $𝟑𝟗𝟎𝐁 𝐢𝐧 𝟐𝟎𝟐𝟔 𝐬𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐲 — 𝐡𝐞𝐫𝐞'𝐬 𝐰𝐡𝐚𝐭 𝐢𝐭 𝐚𝐜𝐭𝐮𝐚𝐥𝐥𝐲 𝐥𝐨𝐨𝐤𝐬 𝐥𝐢𝐤𝐞 👇 Created by Arthur Bedel 💳 ♻️
Stablecoins are now running at an annualized ~$390B in real payment flows (excluding trading and intra-financial activity).
But the distribution might surprise you.
→ 𝐁𝟐𝐁: 𝟓𝟖% (~$226B)
Enterprise payments, supplier settlement, cross-border treasury flows.
This is where stablecoins already outperform traditional rails on speed, cost, and settlement finality.
Growth: +700%+.
→ 𝐂𝟐𝐂: 𝟐𝟎% (~$77B)
P2P wallet transfers, largely corridor-driven (domestic + international).
Growth: +40%+.
→ 𝐂𝟐𝐁: 𝟐𝟎% (~$76B)
Merchant payments and card-linked stablecoin spend.
One of the fastest-growing segments by transaction count.
Growth: +600%+.
→ 𝐁𝟐𝐂: 𝟑% (~$11B)
Payroll, creator payouts, marketplace earnings.
Growing, but still niche (+85%+).
Here's the strategic takeaway:
𝐕𝐚𝐥𝐮𝐞 𝐜𝐨𝐧𝐜𝐞𝐧𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝟖𝟎% 𝐧𝐨𝐧-𝐫𝐞𝐭𝐚𝐢𝐥.
Stablecoins aren't starting with checkout.
They're becoming a new settlement layer for B2B and cross-border flows.
And historically, that's where payment infrastructure shifts begin.
If you're a payments leader:
𝐖𝐡𝐢𝐜𝐡 𝐟𝐥𝐨𝐰 𝐢𝐬 𝐦𝐨𝐬𝐭 𝐯𝐮𝐥𝐧𝐞𝐫𝐚𝐛𝐥𝐞 𝐭𝐨 𝐨𝐧-𝐜𝐡𝐚𝐢𝐧 𝐝𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐨𝐧 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐬𝐭𝐚𝐜𝐤?
The - Chiara Munaretto & Arthur Bedel 💳 ♻️ - series
Source: McKinsey & Company
Want your message in front of 100.000+ FinTech fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
Comments ()