Headquartered in Bangalore, India, Razorpay was founded to enable businesses and commercial enterprises to accept and process payments via APIs.
The Indian FinTech is one of the industry’s unicorns. In the financing round in 2020, raising $100M co-led by Singapore’s sovereign wealth fund GIC and Sequoia India, a valuation of more than $1 billion has been accepted by investors.
Razorpay processes payments for small merchants and also offers a neo-banking platform to issue corporate credit cards, among other products.
In May 2022, it has become public that the company was repeatedly hacked for months by a hacker through the faulty authorization process and thousands of dollars were stolen.
Due to their recurring security issues, we surf Razorpay into our “Orange Compliance” list.