Razorpay has acquired payroll management company Opfin. The announcement was made at the second edition of FTX, Razorpay’s flagship fintech conference on 22nd November 2019. Opfin was founded in 2017 by Anuj Jain. It provides payroll automation and related services like leaves and offer letter generation to its clients. The platform also provides for storage of employment records for employees and vendor payments.
The acquisition will enable Razorpay to support its client businesses, manage their payroll process, fund transfers as well as taxes, compliance’s through a single platform.
One of the key differentiation of Opfin as a payroll platform is that when other payroll service providers support payroll processing, computations, taxes, etc. the execution is left to the company, while Opfin allows payment processing and funds transfer as well.
In their statement, the company said, “Payroll is a fragmented market with no clear solution. With Opfin, Razorpay hopes to make this effort a lot easier with robust technology and an enhanced experience. This acquisition is a significant part of RazorpayX’s business banking strategy.”
Razorpay was founded by Harshil Mathur and Shashank Kumar in 2014, and has since emerged as one of the leading payment solutions company. The company’s payment business accounts for about 70 % of its revenue and the company has been looking at diversifying as well as adding products and services in related areas.
Razorpay is part of a well-known Silicon Valley tech accelerator, Y Combinator. Most recently, in June 2019, Razorpay has raised $75 million led by Ribbit Capital. The funding round saw participation by Sequoia Capital and existing backers New York-based Tiger Global Management.
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