Fintech major Razorpay expanded into Singapore, marking its second foray into Southeast Asia after Malaysia. The company aims to streamline cross-border transactions and support Singapore’s digital economy with its AI-powered payment solutions.

businessline had earlier reported that the company is actively looking to expand internationally. Southeast Asia is experiencing a boom in digital payments, with transaction volumes expected to exceed $2 trillion by 2030. Singapore has a 97 per cent digital payment penetration rate, and its ecommerce market is projected to double to $40 billion by 2028. However, cross-border transactions remain a challenge, with businesses paying 4-6 per cent per transaction, increasing operational costs.

Razorpay aims to solve these inefficiencies by reducing cross-border transaction fees by 30-40 per cent and offering seamless, real-time payments. “Our expansion aligns with Singapore’s bold vision for a cashless, innovation-driven economy,” said Shashank Kumar, MD & Co-founder, Razorpay. “Our AI-driven payment suite, including Agentic-AI and RAY, will redefine how businesses operate, offering not just seamless transactions but also intelligent automation that enhances operational efficiency.”

Razorpay has already seen 10X growth in Malaysia through its Curlec by Razorpay platform and aims to replicate this success in Singapore. “With 30-50 per cent of Singapore’s online payments being cross-border, businesses need seamless, cost-effective solutions,” said Angad Dhindsa, SEA Head, Razorpay Singapore. “We are excited to provide businesses with tailored solutions that reduce costs while enhancing cross-border capabilities.”

As part of its market entry strategy, Razorpay will collaborate with banks, financial institutions, and regulators to ensure compliance with Singapore’s financial landscape. The company’s first international payment gateway, Curlec by Razorpay, launched in 2023, has already achieved 30 per cent month-on-month growth.

Razorpay’s growth plan

businessline first reported that Razorpay is planning to grow 40-50 per cent annually over the next three to four years. It’s CEO Harshil Mathur is aiming to grow the payments business by 40 or 50 per cent, while the other businesses grow at 70-80 per cent year-on-year.

Much like its peers, Razorpay plans to go public in the next two years once it achieves profitability. The Bengaluru-based firm processes around $180 billion worth of transactions every year and has reported profit in its core payments business. Even as ambitious IPO plans progress, the company is yet to make profits as its newer bets continue to be a drag.