Bangalore-based fintech unicorn Razorpay has announced its acquisition of digital payments startup IZealiant Technologies for an undisclosed amount. This marks Razorpay's fifth acquisition since its founding in 2014, and it follows the company's recent international expansion with the acquisition of Malaysian fintech firm Curlec.
IZealiant Technologies, founded in 2015 and headquartered in Pune, offers ready-made payment processing products that support Mobile Application Programming Interface (API) to banks and financial institutions. The acquisition of IZealiant is expected to bolster Razorpay's banking solutions arm, enabling the development of innovative payment banking technologies for partner banks.
Razorpay's banking solutions arm collaborates with 45 banks in India and has introduced several solutions, including Razorpay TokenHQ, a card tokenization solution, and MandateHQ, a plug-and-play recurring payments interface for banks. The acquisition of IZealiant, with its expertise in developing and implementing high-performance acquiring and issuing systems, is anticipated to pave the way for industry-first solutions in the Indian banking sector.
Harshel Mathur, CEO and Co-founder of Razorpay, expressed confidence in the collaboration, stating, "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."
IZealiant Technologies has successfully deployed its product suite in over 50 banks across 18 countries, processing millions of transactions in international regions such as South Africa, Nepal, Bangladesh, Vietnam, Singapore, Uganda, and India.
Prashant Minguad, CEO of Razorpay IZealiant, expressed enthusiasm about the partnership, particularly given the growing need for advanced, flexible, and secure solutions to meet the evolving requirements of financial institutions.
This acquisition adds another layer to Razorpay's expanding fintech ecosystem, positioning the company as a key player in providing innovative banking and payment solutions to the Indian financial sector.
In conclusion, Razorpay's acquisition of IZealiant Technologies is a strategic move to strengthen its banking solutions arm and enhance its ability to deliver cutting-edge payment banking technologies to partner banks. As the fintech unicorn continues its expansion journey, this acquisition further solidifies its position as a leading player in the Indian fintech landscape.
