Excerpt from Business Standard Article, Published on Nov 30, 2023
Title: “Razorpay Achieves Landmark SOC 3 Certification, Setting New Benchmarks in Indian FinTech Security”
Razorpay, a leading Omnichannel Payments and Banking Platform in India, proudly announced its recent attainment of the highly esteemed ‘System and Organization Control 3 (SOC 3) Certification’. This recognition marks a significant milestone as Razorpay becomes the pioneering Indian fintech company to achieve such a feat, underscoring its dedication to fortifying data security and compliance in the realm of financial technology.
SOC 3 compliance holds paramount importance, especially for entities handling sensitive customer data during online transactions, encompassing critical information like financial records, health data, and personally identifiable information. This certification not only solidifies Razorpay’s commitment to safeguarding sensitive financial data but also cements its position as a beacon of trust and credibility within the competitive fintech landscape.
Hilal Lone, Razorpay’s Chief Information Security Officer, expressed enthusiasm regarding the certification, emphasizing its reflection of the company’s unwavering commitment to ensuring secure and reliable solutions for its clientele. The certification underscores Razorpay’s rigorous adherence to stringent controls pertaining to data security, confidentiality maintenance, and privacy protection, aligning with the rigorous standards of the SOC 3 framework.
Razorpay, which currently provides services to over 10 million businesses in India, is still committed to improving consumer and merchant safety both offline and online, with the support of top-notch security and internationally renowned compliance standards. As the fintech arena evolves, Razorpay reaffirms its dedication to regulatory excellence and innovation, prioritizing continual advancements in compliance and security domains.
Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay has garnered substantial investments from leading entities, totaling USD 741.5 million through Series A to F funding rounds. The company’s mission revolves around simplifying payments and business banking while reshaping India’s financial landscape.
Razorpay’s attainment of the SOC 3 certification sets a new benchmark in the Indian fintech ecosystem, underscoring its unwavering commitment to fortifying data security and compliance standards for the industry’s future.
To delve deeper into this topic, please read the full article on Business Standard
