Stripe curbs its India ambitions over regulatory situation | TechCrunch

Stripe, the world’s most valuable fintech startup, said on Friday that it will temporarily move to an invite-only model for new account sign-ups in India, calling the move “a tough decision” as it navigates the country’s evolving regulatory landscape.

In a statement posted on its website, Stripe said businesses in India will no longer be able to sign up for new accounts through the company’s website, and will instead need to request an invite. The startup, which competes with Cashfree and YC-backed Razorpay in the country, will now focus on supporting a select number of businesses, particularly those focusing on international expansion.

“The regulatory landscape in India continues to evolve, and our goal is to offer the same experience in India that we aspire to offer to all our users worldwide,” Stripe said in the statement. “For example, enabling all new users to launch quickly with easy onboarding is a fundamental Stripe feature that we cannot promise in India today.”

Stripe didn’t specify which regulatory change affected the firm. The Reserve Bank of India, the country’s central bank, has introduced a series of stringent policy changes in the past two years that have impacted several financial services firms and startups.

The change is unlikely to make a material impact to Stripe’s bottom line given that the startup has limited business in India, and for that matter, many Asian markets.

Stripe said it remains committed to the Indian market in the long-term and is working to build the necessary infrastructure to support more users in the country by the second half of 2025.

Businesses in India that were planning to use Stripe for processing payments will need to explore alternative options in the interim. Existing users will not be impacted, Stripe said.

This is a developing story. Check back for updates.

Source link