Fintech platform Razorpay on Wednesday announced to acquire IZealiant Technologies, a leading fintech startup that provides payments technology solutions for banks, for an undisclosed sum.
The acquisition of Pune-based IZealiant, the fifth by Razorpay to date, will strengthen its banking solutions arm that builds innovative tech solutions for banks, the company said in a statement.
Founded in 2015, IZealiant provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.
"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, CEO and Co-founder of Razorpay.
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Working closely with over 45 banks in India, Razorpay's banking team has been part of several critical projects including the Razorpay TokenHQ -- India's first multi-network RBI compliant card tokenisation solution, and MandateHQ -- the API-based, plug-n-play recurring payments interface for banks.
On the other hand, 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.
"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.
The IZealiant Team will continue to work out of Pune and Razorpay will expand its headcount by establishing an office in Pune.
Prior to this, Razorpay acquired Malaysia-based fintech firm Curlec; TERA Finlabs, (AI-based risk tech SaaS platform) in 2021; Opfin (payroll and HR management solution) in 2019, and Thirdwatch (fraud analytics AI-platform) in 2018.
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Razorpay serves over 8 million businesses including Facebook, Ola, Zomato, Swiggy, Cred, and achieved $60 billion Total Payment Volume (TPV) as of early December 2021.