RBI approves SabPaisa’s operation as a payment aggregator

Payments solutions startup SabPaisa received ‘in-principle’ approval from the Reserve Bank of India (RBI) to operate as a payment aggregator.

The licence will allow SabPaisa to scale its offerings in order to bring on more merchants and close the “innovation gap.” The startup will be able to improve the platform’s product line by bringing “unification, inclusivity, experience, and performance” with the help of the authorization. With the licence, SabPaisa joins a select group of fintech startups that also includes Infibeam Avenues, Razorpay, Mswipe, and Pine Labs. The bootstrapped startup with its headquarters in New Delhi claims to have doubled its revenue in the last two fiscal years.