Fintech unicorn Razorpay on Tuesday announced its acquisition of IZealiant Systems, a foremost Fintech startup that supplies payments know-how answers for banking companies, for an undisclosed sum.
Founded in 2015, IZealiant is a Pune-primarily based startup that presents cellular-first, API-enabled, and cloud-prepared payment processing products for financial institutions and economic establishments.
The acquisition of IZealiant will even further bolster Razorpay’s Banking Solutions Arm to create modern payment banking technologies for associate financial institutions, so that both corporations & their close-people get pleasure from a more quickly, seamless and safe payment expertise.
Performing intently with above 45 banking institutions in India, Razorpay’s Banking crew has been component of various critical assignments which include the Razorpay TokenHQ – India’s to start with multi-community RBI compliant card tokenization remedy, and MandateHQ – the API-centered, plug-n-engage in recurring payments interface for banking companies.
Commenting on the acquisition, Harshil Mathur, CEO & Co-founder of Razorpay said, “We are thrilled to have the IZealiant workforce be a part of the Razorpay spouse and children these days. I am self-assured that potent forces of two technological know-how firms coming jointly like this will empower our spouse banking institutions with the vital support in developing future-gen answers and changing sector dynamics in the new standard.” He added, “The group at IZealiant has extensive knowledge in developing and utilizing complicated, large-overall performance buying and issuing techniques and I am confident that alongside one another we will be equipped to build business-initial alternatives for the financial institutions in India.”
Prashant Mengawade, CEO, IZealiant stated, “We are delighted to be a part of fingers with Razorpay and be element of their expansion journey, alongside one another. The timing couldn’t have been far better as monetary institutions are increasingly on the lookout to undertake superior, versatile, and safe remedies to satisfy ever-evolving shopper wants. At IZealiant, we are really very pleased of our buyer-centricity, and substantial-performing digital payments answers that we have developed for leading economical institutions across the planet. With Razorpay’s current market-defining innovation and leadership in technological skills, I’m self-confident that our combined forces will be a game-changer for pioneering modern-day payments options for banking companies.”
The IZealiant Workforce will continue to operate out of Pune and through this acquisition, Razorpay will grow its headcount by setting up an business office in Pune. This marks Razorpay’s fifth acquisition prior to this, Razorpay declared the acquisition of Malaysia-centered fintech business Curlec. Before that, Razorpay acquired TERA Finlabs, (AI-dependent hazard tech SaaS Platform) in 2021, Opfin (Payroll & HR administration option) in 2019, and Thirdwatch (Fraud Analytics AI-system) in 2018.
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