Bengaluru-based fintech unicorn Razorpay on Wednesday announced its fifth acquisition of IZealiant Technologies, which provides payments technology solutions for banks, for an undisclosed amount.
Founded in 2015, IZealiant is a Pune-based fintech startup that provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.
As per an official statement, the acquisition of IZealiant will further strengthen Razorpay’s banking solutions arm to build innovative payment banking technologies for partner banks, so that both businesses and their end-consumers enjoy a faster, seamless and secure payment experience.
Harshil Mathur, CEO and Co-founder of Razorpay said,
“The team at IZealiant 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 build industry-first solutions for the banks in India.”
Over the last few years, Razorpay’s banking solutions arm claims to have been working closely with banks, building innovative payment technology solutions. Working closely with over 45 banks in India, Razorpay’s banking team has been part of several critical projects including the Razorpay TokenHQ - a multi-network RBI compliant card tokenisation solution, and MandateHQ - the API-based, plug-n-play recurring payments interface for banks.
Razorpay believes IZealiant has enormous banking expertise. In the last seven years, IZealiant has deployed its ZealPro product suite for more than 50 banks across 18 countries, processing millions of transactions including in India, South Africa, Nepal, Bangladesh, Vietnam, Singapore, Uganda, among many others.
With IZealiant’s payment banking knowledge and expertise, Razorpay hopes to together build simple, quick and secure products and support banks with a tech infrastructure that can create a world-class frictionless payment experience for customers and businesses.
“At IZealiant, we are extremely proud of our customer-centricity, and high-performing digital payments solutions that we have built for leading financial institutions across the world. With Razorpay’s market-defining innovation and leadership in technical expertise, I’m confident that our combined forces will be a game-changer for pioneering modern payments solutions for banks,” added Prashant Mengawade, CEO, IZealiant.
The IZealiant team will continue to work out of Pune and through this acquisition, Razorpay will expand its headcount by establishing an office in Pune. This marks Razorpay’s fifth acquisition; prior to this, Razorpay announced the acquisition of Malaysia-based fintech firm Curlec. Earlier, Razorpay had acquired TERA Finlabs, (AI-based risk tech SaaS Platform) in 2021, Opfin (Payroll and HR management solution) in 2019, and Thirdwatch (Fraud Analytics AI-platform) in 2018.
Razorpay serves over eight million businesses including the likes of Facebook, Ola, Zomato, Swiggy, Cred, and achieved $60 billion in Total Payment Volume (TPV) as of early December 2021. The company clocked over 300 percent Year-on-Year growth second year in a row, and plans to achieve $90 billion TPV by the end of 2022.
Edited by Anju Narayanan