UK-based fintech payments firm Sokin has inked a deal with India-based payments gateway Razorpay to tap the country’s money transfer market.

The tie-up is said to be Razorpay’s first with a European payments firm.

Sokin will leverage RazorpayX – the full-stack financial solutions giant’s neobanking arm – to offer business banking services to its clients.

This includes current accounts integrated with Sokin’s mobile app or online platform, allowing multiple international money transfers.

Clients will be charged a fixed monthly fee, starting INR499 ($6.66). There are no hidden fees associated with the service.

Sokin CEO Vroon Modgill said: “We offer users monthly one-off subscription fees to enable money transfers from over 150 countries and in more than 35 different currencies, without adding repeat costs or marking-up exchange rates.

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“Through this partnership with Razorpay, the service will now be available for everyone in the Indian market to use.”

Razorpay payment gateway is said to provide Sokin’s clients with a secure and faster way to transfer money back to their home country.

The partnership is expected to help millions of people in India who have families working abroad.

Razorpay co-founder and CTO Shashank Kumar said: “The Indian fintech sector is at its exciting best right now and we are very excited about developing this relationship with Sokin at such a ripe time.

“With our association with Sokin, we hope to together make real-time, intelligent business banking solutions accessible to the businesses and people living overseas who will be able to save money and time when making remittances.”