Razorpay, a leading payment and banking platform for businesses has acquired IZealiant Technologies, a leading fintech startup that provides payments technology solutions for banks, for an undisclosed amount. Founded in 2015, IZealiant is a Pune-based startup that provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.
The acquisition of IZealiant will further strengthen Razorpay’s Banking Solutions Arm to build innovative payment banking technologies for partner banks. This way both businesses and their end-consumers enjoy a faster, seamless and secure payment experience.
“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 and changing market dynamics in the new normal,” said Harshil Mathur, CEO and co-founder of Razorpay. “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.”
In the era of evolving customer needs and increasing regulations, Banks are key stakeholders in the payments ecosystem. Over the last few years, Razorpay’s Banking Solutions Arm has been working closely with banks, building innovative payment technology solutions. 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 tokenization solution, and MandateHQ - the API-based, plug-n-play recurring payments interface for banks.
“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,” said Prashant Mengawade, CEO, IZealiant. “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.”
Razorpay 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 and Uganda.
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 had acquired Malaysia-based fintech firm Curlec. Before that, Razorpay acquired 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. In the last few years, all of Razorpay’s business milestones have been geared towards becoming a full-stack financial solutions provider, and this acquisition is yet another step in that direction.
Razorpay, which recently become India’s most valued private fintech company, serves over 8 million businesses including the likes of Facebook, Ola, Zomato, Swiggy and Cred. It achieved $60 billion, total payment volume (TPV) as of early December 2021. The company clocked over 300 per cent year-over-year growth, second year in a row and plans to achieve $90 billion TPV by the end of 2022.
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