Juspay Strengthens Recurring Payment Capabilities with Acquisition of LotusPay
- ByStartupStory | February 6, 2024
Juspay, a payments infrastructure company, has acquired LotusPay, a provider of recurring payments solutions, in an all-cash transaction. The acquisition bolsters Juspay’s offerings to the BFSI segment and merchants, although financial details remain undisclosed. Founded in 2016 by Atma Krishna and supported by Y Combinator, LotusPay facilitates recurring payments through the National Automated Clearing House (NACH) Debit and offers cloud-based software for merchants and banks.
“LotusPay’s NACH solutions are the best in the market, and they add strength to our existing recurring payment offerings. We can now serve our enterprise clients (banks, merchants, NBFCs) with a complete suite of recurring payment options with a single integration,” remarked Sheetal Lalwani, Co-founder and COO of Juspay.
Juspay plans to integrate LotusPay NACH into some of its products while also continuing to offer it as a standalone service. With a claimed processing volume of over 100 million transactions daily, Juspay aims to enhance its capabilities further.
LotusPay caters to banks, NBFCs like HDB Financial Services and InCred Finance, and technology companies such as StashFin, Pine Labs, and Kissht. The company reported processing over 20 million transactions in 2023.
“While Juspay has raised a total funding of $87.8 million, LotusPay has raised $120,000, according to Tracxn,” the report concluded.
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