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Fintech major Razorpay on Friday said it has acquired payroll and HR management software company, Opfin. The company did not disclose the amount it has raised.
The acquisition will enable businesses to not only manage their payroll process and fund transfers but also manage to file of taxes, compliances through a single platform without hiring any external vendors, Razorpay said in a statement.
"Payroll is a fragmented market with no clear solution. With Opfin, Razorpay hopes to make this effort a lot easier with robust technology and an enhanced experience. This acquisition is a significant part of RazorpayX's business banking strategy," it added.
RazorpayX is the company's AI-driven neo-banking platform. This is Razorpay's second acquisition in the last six months, after Thirdwatch, an AI-driven company specialising in big data and machine learning for real-time fraud prevention.
Startup team spoke with the co-founders of the fintech company Harshil Mathur, co-founder & CEO and Shashank Kumar, co-founder & CTO and asked them about the company’s latest announcements for 2019.
(With inputs from PTI)
