Payments Tech Startup, IZealiant Technologies acquired by Fintech Unicorn: Razorpay
- ByStartupStory | March 16, 2022
On Tuesday, Razorpay, a Fintech unicorn, announced the acquisition of IZealiant Technologies, a digital payments startup for an undisclosed sum. Razorpay will absorb The entire team of IZealiant Technologies will be absorbed by Razorpay as a part of the acquisition.
Since its inception in 2014, the deal marks Razorpay’s fifth acquisition. After it acquired Malaysian fintech firm Curlec, its international foray was made by the company last month.
IZealiant is a Pune-based startup, founded in the year 2015. It provides application programming interface (API)-enabled, mobile-first, cloud-ready payment processing products for banks and financial institutions.
Razorpay’s banking solutions arm will further be strengthened by the acquisition of IZealiant, helping it to build innovative payment banking technologies for partner banks.
In India, Razorpay’s banking solutions arm has been working closely with 45 banks and has launched several solutions including a card tokenization solution, Razorpay TokenHQ, and a plug-n-play recurring payments interface for banks, MandateHQ.
Harshil Mathur, chief executive officer and cofounder of Razorpay saisd that the team at IZealiant has an extensive experience in developing and implementing complex, high-performance acquiring and issuing systems, He is confident that together they will be able to build industry-first solutions for the banks in India.
More than 50 banks across 18 countries, its suite has been deployed by IZealiant. It has been processing millions of transactions across international geographies of South Africa, Vietnam, Singapore, Nepal, Bangladesh, Uganda, including India.
Prashant Mengawade, CEO, IZealiant said that they are delighted to join hands with Razorpay and be part of their growth journey together. The timing couldn’t have been better as financial institutions are increasingly looking to adopt advanced, flexible and secure solutions in order to meet ever-evolving customer needs.
Prior to this, the acquisition of payroll and HR management solution Opfin; AI-based risk tech firm TERA Finlabs; and fraud analytics startup Thirdwatch has been announced by Razorpay.
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