Razorpay, payments and banking platform for businesses, today announced its acquisition of IZealiant Technologies, fintech startup that provides payments technology solutions for banks, for an undisclosed amount. This marks Razorpay’s fifth acquisition.
Founded in 2015, IZealiant is a Pune-based startup that provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.
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, it said in an official statement.
Razorpay believes IZealiant has enormous banking expertise. In the last 7 years, IZealiant has deployed its ZealPro product suite for more than 50 banks across 18 countries, processing millions of transactions. Together they can 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, it said.
Commenting on the acquisition, Harshil Mathur, CEO and Co-Founder of Razorpay said, “I am confident that strong forces of two technology companies coming together like this will empower our partner banks with the necessary support in building next-gen solutions and changing market dynamics in the new normal. 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.”
Prashant Mengawade, CEO, IZealiant said, “The timing couldn’t have been better as financial institutions are increasingly looking to adopt advanced, flexible, and secure solutions to meet ever-evolving customer needs. 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. I’m confident that our combined forces will be a game-changer for pioneering modern payments solutions for banks.”
Razorpay's headcount to expand
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, it had announced the acquisition of Malaysia-based fintech firm Curlec. Before that, it acquired TERA Finlabs, (AI-based risk tech SaaS Platform) in 2021, Opfin (Payroll & HR management solution) in 2019, and Thirdwatch (Fraud Analytics AI-platform) in 2018.
Razorpay said it has clocked over 300 percent YoY growth, second year in a row and plans to achieve $90 billion TPV by the end of 2022.
