Bangalore: Razorpay has acquired a Pune based fintech startup IZealiant Technologies for an undisclosed amount. The IZealiant acquisition will further strengthen Razorpay’s Banking Solutions arm to build innovative payment banking technologies for partner banks. This is Razorpay’s fifth acquisition.
Founded in 2015, IZealiant Technologies provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions
Razorpay’s Banking Solutions Arm works closely with banks. It has been working with over 45 banks in India and is engaged in building new payment technology solutions.
And has been part of several key projects, including the Razorpay TokenHQ – India’s first multi-network RBI compliant card tokenization solution, and MandateHQ – the API-based, plug-n-play recurring payments interface for banks.
The IZealiant acquisition is one of the key acquisitions for Razorpay as it 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 including in India, South Africa, Nepal, Bangladesh, Vietnam, Singapore, Uganda, among many others.
With IZealiant’s payment banking knowledge and expertise, Razorpay aims to build simple, quick and secure products that can offer an excellent frictionless payment experience for customers and businesses.
“We are excited to have the IZealiant team join the Razorpay family today. 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,” Razorpay CEO and Co-Founder Harshil Mathur commented on the IZealiant acquisition.
“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,” added Mathur.
“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,” said Prashant Mengawade, CEO – IZealiant.
“With Razorpay’s market-defining innovation and leadership in technical expertise, I’m confident that our combined forces will be a game-changer for pioneering modern payments solutions for banks,” added Mengawade.
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, Razorpay made two acquisitions in 2021 including the Malaysia-based fintech firm Curlec and AI-based risk tech SaaS startup TERA Finlabs.
Before that, Razorpay had acquired Opfin (payroll & HR management solution) in 2019, and Thirdwatch (fraud analytics AI-platform) in 2018.