Razorpay, a fintech unicorn, announced the acquisition of digital payments firm IZealiant Technologies for an undisclosed sum on Tuesday.
Razorpay will absorb the whole crew of IZealiant Technologies as part of the deal.
Razorpay has made five acquisitions since its beginning in 2014.
Last month, the company made its worldwide debut by acquiring Malaysian financial provider Curlec.
IZealiant is a Pune-based startup that offers banks and financial institutions mobile-first, API-enabled, cloud-ready payment processing tools.
According to a release, the acquisition of IZealiant will boost Razorpay’s banking solutions arm, allowing it to develop novel payment banking technology for partner institutions.
Razorpay’s banking solutions division has collaborated with 45 Indian banks to develop a number of products, including Razorpay TokenHQ, a card tokenization solution, and MandateHQ, a plug-and-play recurring payments interface for banks.
“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,” said Harshil Mathur, chief executive officer and cofounder of Razorpay.
Over 50 banks in 18 countries have used IZealiant’s product suite to handle millions of transactions across foreign geographies such as South Africa, Nepal, Bangladesh, Vietnam, Singapore, Uganda, and India.
“We 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 to meet ever-evolving customer needs,” Prashant Mengawade, CEO, IZealiant.
Prior to this, Razorpay announced the acquisition of AI-based risk tech firm TERA Finlabs; payroll and HR management solution Opfin; and fraud analytics startup Thirdwatch.