July 6, 2022

Razorpay, bills and banking platform for companies, lately introduced its acquisition of IZealiant Applied sciences, fintech startup that gives bills era answers for banks, for an undisclosed quantity. This marks Razorpay’s 5th acquisition.

Based in 2015, IZealiant is a Pune-based startup that gives mobile-first, API-enabled, and cloud-ready fee processing merchandise for banks and monetary establishments.

The purchase of IZealiant will additional improve Razorpay’s Banking Answers Arm to construct leading edge fee banking applied sciences for spouse banks, in order that each companies and their end-consumers revel in a sooner, seamless and safe fee revel in, it stated in an reliable observation.

Razorpay believes IZealiant has huge banking experience. Within the closing 7 years, IZealiant has deployed its ZealPro product suite for greater than 50 banks throughout 18 international locations, processing tens of millions of transactions. In combination they may be able to construct easy, fast and safe merchandise and beef up banks with a tech infrastructure that may create a world-class frictionless fee revel in for purchasers and companies, it stated.

Commenting at the acquisition, Harshil Mathur, CEO and Co-Founding father of Razorpay stated, “I’m assured that sturdy forces of 2 era firms coming in combination like this will likely empower our spouse banks with the essential beef up in construction next-gen answers and converting marketplace dynamics within the new commonplace. The group at IZealiant has in depth revel in in growing and imposing advanced, high-performance obtaining and issuing programs and I’m assured that in combination we will construct industry-first answers for the banks in India.”

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Prashant Mengawade, CEO, IZealiant stated, “The timing couldn’t were higher as monetary establishments are an increasing number of having a look to undertake complex, versatile, and safe answers to fulfill ever-evolving visitor wishes. At IZealiant, we’re extraordinarily happy with our customer-centricity, and high-performing virtual bills answers that we have got constructed for main monetary establishments the world over. I’m assured that our blended forces will likely be a game-changer for pioneering trendy bills answers for banks.”

Razorpay’s headcount to amplify

The IZealiant Crew will proceed to figure out of Pune and thru this acquisition, Razorpay will amplify its headcount via setting up an administrative center in Pune.

This marks Razorpay’s 5th acquisition; previous to this, it had introduced the purchase of Malaysia-based fintech company Curlec. Ahead of that, it received TERA Finlabs, (AI-based chance tech SaaS Platform) in 2021, Opfin (Payroll & HR control answer) in 2019, and Thirdwatch (Fraud Analytics AI-platform) in 2018.

Razorpay stated it has clocked over 300 p.c YoY expansion, 2d yr in a row and plans to reach $90 billion TPV via the tip of 2022.

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Printed on: Wednesday, March 16, 2022, 10:21 AM IST