Indian fintech RazorPay has raised $20 million in a Series B for its payments gateway, the company announced yesterday.

A round led by Tiger Global, as well as Silicon Valley’s Y Combinator, the influx of capital brings the startup’s total valuation to more than $100 million, TechCrunch reported yesterday.

The funding should allow the startup to keep its place in India’s business payments ecosystem alongside other local players like PayU and PayTM: not to mention companies such as Stripe and PayPal, which have both recently launched payment services or pilots in the region.

Launched in 2013, RazorPay will use the funding to keep its growth on track, according to the company’s announcement yesterday. RazorPay said in a statement:

In the past 1 year, Razorpay has clocked in a healthy growth rate of 40-50% month-on-month and we are on course to impacting lives of 500 million end consumers by 2020. We expect more than 10x growth in volume & revenue by the next fiscal year and our new products should contribute to at least 30% of our revenue.

Read more at RazorPay and TechCrunch.

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