Fintech unicorn Razorpay has announced the acquisition of Pune-based payments solutions provider IZealiant Technologies. Razorpay did not disclose the amount of the acquisition. As part of the deal, Razorpay will absorb the entire team of IZealiant Technologies.
“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. 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.” Harshil Mathur, CEO and Co-founder of Razorpay said in a statement.
Founded in 2015 by former Mastercard executive Prashant Mengawade, IZealiant is a fintech startup that provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.
As per company’s official statement, 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.
In February, Razorpay announced its first international acquisition by acquiring a majority stake in Curlec, a leading Malaysian firm. Prior to this, Razorpay 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 works with over 45 banks in India and offers products that help banks comply with new regulations by the Reserve Bank of India (RBI).