BANGALORE: Fintech Unicorn Razorpay on Tuesday announced the acquisition of digital payments startup IZealiant Technologies for an undisclosed amount.
As part of the acquisition, Razorpay will absorb the entire IZealiant Technologies team.
The deal marks Razorpay's fifth acquisition since its inception in 2014. The company made its international foray last month, after it acquired Malaysian fintech firm Curlec.
Founded in 2015, IZealiant is a Pune-based startup that offers ready-made payment processing products to banks and financial institutions that support Mobile Application Programming Interface (API).
The company said in a statement that the acquisition of IZealiant will strengthen Razorpay's banking solutions arm, helping it build innovative payment banking technologies for partner banks.
Razorpay's banking solutions arm works closely with 45 banks in India and has launched several solutions including Razorpay TokenHQ, a card tokenization solution, and MandateHQ, a plug-n-play recurring payments interface for banks.
“The IZealiant team has extensive experience in developing and implementing complex, high-performance acquiring and issuing systems, and I am confident that together we will be able to create industry-first solutions for Indian banks,” said Harshel Mathur, chief executive officer and cofounder of Razorpay.
IZealiant has deployed its product suite to more than 50 banks in 18 countries, processing millions of transactions in the international geographies of South Africa, Nepal, Bangladesh, Vietnam, Singapore and Uganda, including India.
“We are delighted to join Razorpay and to be a part of their growth journey together. The timing could not have been better, as financial institutions increasingly look to adopt advanced, flexible and secure solutions to meet the ever-evolving customer needs,” said Prashant Minguad, CEO of Razorpay. IZealiant.
Prior to this, Razorpay announced the acquisition of AI-based risk tech firm TERA Finlabs; payroll and HR management solution Opfin; and fraud analytics startup Thirdwatch.
Also Read: Reliance Industries acquires all assets of Lithium Werks for $61 million