New Delhi, Feb 8 (KNN) Amidst the Reserve Bank of India's (RBI) tightening regulations on fintech companies, several start-ups have recently obtained regulatory approval to function as payment aggregators.

This month, Decentro and Juspay, two fintech start-ups, along with Zoho, an enterprise software-as-a-service (SaaS) firm, have secured final authorisation from the RBI for payment aggregator (PA) licenses.

Joining the ranks of approved companies in January are Zomato, a prominent food delivery service, as well as fintech firms Stripe and Tata Pay. They now stand alongside previously approved entities like Razorpay, Cashfree Payments, and EnKash, among others.

“These licenses were in the works and due soon. It has no bearing on the Paytm issue. The companies that have received approvals were not non-compliant to regulations,” said a prominent fintech investor.

Insiders reveal that numerous similar applications are currently under RBI review, hinting at more start-ups likely to receive approvals in the near future.

Pratik Daudkhane, Co-founder, Decentro, expressed excitement about entering the next growth phase, aiming to develop tailored, open banking payment solutions for regulated entities, fintechs, MSMEs, and enterprises.

This development marks a significant milestone for Decentro, backed by Y Combinator, as it eyes both local and international expansion opportunities.

Decentro specialises in enabling neo-banks, marketplaces, and fintech companies to integrate and offer banking solutions via APIs. Meanwhile, Juspay operates as a comprehensive payment gateway facilitating card, wallet, and UPI-based transactions.

Both fintech players, Decentro and Juspay, received approvals on February 6, while Zoho, one of the few SaaS start-ups to secure a payments license, gained RBI approval on February 1.

(KNN Bureau)