PayGlocal gets IFSCA approval to set up payment service provider in GIFT City

PayGlocal has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned subsidiary as a Payment Service Provider (PSP) in GIFT-IFSC, marking a fresh step in the Bengaluru-based fintech’s plans to expand its cross-border payments business.

The approval will allow PayGlocal’s GIFT-IFSC entity to undertake account issuance, including e-money accounts, cross-border money transfers and merchant acquisition. The company said the regulated presence will provide a base to develop payment capabilities for businesses operating across international markets.

The development adds another regulatory milestone for PayGlocal, which received final authorisation from the Reserve Bank of India (RBI) last year to operate as a Payment Aggregator-Cross Border for inward and outward payments. The company has also expanded into the US after registering as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN).

PayGlocal said its GIFT City presence will support the development of international payment capabilities while the company continues to build its technology and operations from India.

Prachi Dharani, Co-founder and CEO of PayGlocal, said the company was founded with the aim of making cross-border money movement simpler for businesses.

“PayGlocal is building something from India that can become a trusted part of how businesses transact with the world,” Dharani said, adding that the company wants cross-border payment rails to feel as simplified as domestic payments.

The company’s next phase will focus on supporting Indian merchants as they reach customers overseas. PayGlocal also plans to expand into additional markets and develop local capabilities for cross-border collections, payments and money movement.

The company said GIFT City is emerging as a strategic location for Indian cross-border payment firms seeking to scale internationally. Its international financial centre framework, dedicated regulatory environment and access to India’s technology and talent ecosystem can provide fintech companies with a base to coordinate global payment operations from India.

Founded in 2021, PayGlocal enables Indian and global businesses to accept payments across markets. According to the company, its platform supports more than 130 currencies and over 40 global and local payment methods, serving sectors including exports, retail, travel, education and SaaS. Its offerings include multi-currency accounts, payment gateways, alternate payment methods and solutions for global merchants accepting payments from Indian customers through UPI, cards and netbanking.

The company is backed by Tiger Global, Peak XV and BEENEXT