AviRazorpay which is a digital payment platform has now acquired the cloud-based payroll management startup Opfin, a top executive revealed yesterday, without disclosing the amount.
It has also revealed two new financial products aimed at businesses, freelance workers and home-based entrepreneurs.
The CEO of Razorpay, Harshil Mathur, revealed as a part of the transaction, the Opfin team will join Razorpay, and its product stack will be integrated directly into the company.
The acquisition will allow the Razorpay to roll out a new HR automation product, primarily for the payroll process. It will also complement the RazorpayX’s B2B banking product, which is also a neo-banking platform that is much more targeted at corporates and businesses.
“Starting today, businesses will enjoy the convenience of smart financing—the new additions to the product suite will make it easy for new-age companies to manage finance whenever they need it, however, they need it, at the click of a button. With solutions like these, our desire is to take fintech to its next level for all our partner businesses and their consumers,” said Mathur in a statement.