Razorpay, the Bangalore-based online payment gateway solution has secured an undisclosed amount of money from Mastercard, following a US$9 million series A round in October and a US$2.5 million seed round prior to that.
Apart from investment, the company also announced that it has now integrated the MasterCard Payment Gateway to enable merchants and card issuers to authenticate each other prior to the authorization of a transaction.
Since late 2015, Razorpay has worked with the MasterCard Start Path program – a global effort to support startups developing the next generation of commerce and fintech technologies – to get support in technology enhancements and tap into the company’s global risk and fraud expertise.
"We want to build on the idea of providing simplified payment solutions to the consumers. With support from MasterCard alongside other investors, we’re on our path to build the gold standard of payments in India," said Harshil Mathur, CEO & Co-Founder, Razorpay.
Razorpay so far has raised a total capital of $11.5 million from marquee investors like Tiger Global, Matrix Partners, and Y Combinator.