Fintech unicorn Razorpay on Tuesday introduced its acquisition of IZealiant Techniques, a foremost Fintech startup that provides funds know-how solutions for banking corporations, for an undisclosed sum.
Based in 2015, IZealiant is a Pune-primarily based mostly startup that presents cellular-first, API-enabled, and cloud-prepared cost processing merchandise for monetary establishments and financial institutions.
The acquisition of IZealiant will even additional bolster Razorpay’s Banking Options Arm to create fashionable cost banking applied sciences for affiliate monetary establishments, in order that each firms & their close-people have the benefit of a extra shortly, seamless and protected cost experience.
Performing intently with above 45 banking establishments in India, Razorpay’s Banking crew has been part of varied vital assignments which embrace the Razorpay TokenHQ – India’s to begin with multi-community RBI compliant card tokenization treatment, and MandateHQ – the API-centered, plug-n-engage in recurring funds interface for banking corporations.
Commenting on the acquisition, Harshil Mathur, CEO & Co-founder of Razorpay stated, “We’re thrilled to have the IZealiant workforce be part of the Razorpay partner and kids as of late. I’m confident that potent forces of two technological know-how corporations coming collectively like this can empower our partner banking establishments with the important help in creating future-gen solutions and altering sector dynamics within the new normal.” He added, “The group at IZealiant has in depth data in creating and using difficult, large-overall efficiency shopping for and issuing methods and I’m assured that alongside each other we will likely be outfitted to construct business-initial alternate options for the monetary establishments in India.”
Prashant Mengawade, CEO, IZealiant said, “We’re delighted to be part of fingers with Razorpay and be component of their enlargement journey, alongside each other. The timing couldn’t have been much better as financial establishments are more and more looking out to undertake superior, versatile, and protected treatments to fulfill ever-evolving shopper desires. At IZealiant, we’re actually more than happy of our buyer-centricity, and substantial-performing digital funds solutions that we’ve developed for main economical establishments throughout the planet. With Razorpay’s present market-defining innovation and management in technological abilities, I’m self-confident that our mixed forces will likely be a game-changer for pioneering modern-day funds choices for banking corporations.”
The IZealiant Workforce will proceed to function out of Pune and thru this acquisition, Razorpay will develop its headcount by establishing an enterprise workplace in Pune. This marks Razorpay’s fifth acquisition previous to this, Razorpay declared the acquisition of Malaysia-centered fintech enterprise Curlec. Earlier than that, Razorpay acquired TERA Finlabs, (AI-dependent hazard tech SaaS Platform) in 2021, Opfin (Payroll & HR administration possibility) in 2019, and Thirdwatch (Fraud Analytics AI-system) in 2018.
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