PayGlocal Secures Approval for GIFT-IFSC Subsidiary as Payment Service Provider
PayGlocal, a leader in cross-border payments, has obtained in-principle approval from the International Financial Services Centres Authority (IFSCA) to create a wholly owned subsidiary as a Payment Service Provider (PSP) in GIFT-IFSC. This authorization includes account issuance, e-money accounts, cross-border transfers, and merchant acquisition, enabling PayGlocal to establish a regulated framework for servicing businesses operating internationally.
Last year, the company secured final authorisation from the Reserve Bank of India (RBI) to function as a Payment Aggregator for Cross Border transactions, managing both inbound and outbound payments. Additionally, PayGlocal is extending its presence into the US, having registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN).
Expanding Global Presence
The recent approval from GIFT-IFSC marks a significant enhancement to PayGlocal’s global footprint. GIFT City will serve as a strategic base for developing payment solutions tailored for international businesses, while the company continues to refine its core technology and operations from India.
Supporting Indian Merchants
PayGlocal aims to enhance its capabilities to support Indian merchants regardless of customer location. Over time, the company plans to expand its services globally, focusing on creating local solutions for cross-border collections, payments, and money transfers.
Founded in 2021 by Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande, PayGlocal facilitates payment acceptance for both Indian and international businesses across various industries, including export, retail, travel, education, and SaaS. The startup accommodates transactions in over 130 currencies and supports more than 40 global and local payment methods.
Support for the company comes from notable investors including Tiger Global, Peak XV (previously Sequoia Capital India), and BEENEXT.
Recent Approvals in the Fintech Space
In 2024, IFSCA granted in-principle approval to entities such as Betafront Tech, Zinc Money, and GlomoPay to create wholly owned subsidiaries as Payment Service Providers in GIFT-IFSC. The IFSCA’s framework for payment services positions GIFT-IFSC as a promising international hub for Indian fintech companies aiming to broaden their payment solutions globally.