Bengaluru-based fintech Rupeeflo aims to capture 30% of its revenue from GIFT City within the next year. The startup is shifting from simple investor onboarding to cross-border payment services, leveraging an in-principle license. Its success depends on securing final regulatory approvals and gaining trust from large financial institutions to handle international capital flows.
Rupeeflo, a Bengaluru-based fintech, has set an aggressive target for its presence in the International Financial Services Centre (IFSC) at GIFT City. The company plans to increase its revenue share from the hub to 30% within a year, a significant jump from its current contribution of less than 5%.
Founded in 2024, Rupeeflo has primarily built its business by automating identity verification and digital notarization, which helps simplify the onboarding process for non-resident investors. Traditionally, these processes involve heavy paperwork and can take weeks to complete. The company reports that its platform has already handled over 20,000 investor onboardings, with 60% of its traffic coming from the US, UK, and the UAE.
Now, the company is pivoting toward payment services. It has received in-principle authorization for a payment service provider license, which will allow it to move beyond onboarding and begin facilitating the actual transfer of funds. By integrating payment rails into its existing system, Rupeeflo hopes to offer a smoother experience for global investors looking to deploy capital into India and GIFT City.
Operating in the cross-border payment space involves complex regulatory and compliance requirements. For Rupeeflo, the transition to a payment provider brings new challenges. While an in-principle license is an important milestone, the company must still secure final approval from the relevant regulators. The sector is also highly competitive, with established banks and other financial players already operating robust infrastructure for international money transfers. The company's ability to gain market share will depend on whether it can prove that its technology is safer, faster, or cheaper than existing methods.
The company’s future growth is closely tied to the adoption of its digital infrastructure by major financial institutions and foreign portfolio investors. As the company continues its expansion, the key monitorable for observers will be the timeline for final regulatory clearance and the actual volume of transactions processed once the payment service goes live. Success will require the company to demonstrate strong execution and the ability to maintain strict compliance standards while scaling its operations within the GIFT City ecosystem.