Payments upstart Razorpay announced today, that it is acquiring Pune, India based payments solutions provider IZealiant Technologies for an undisclosed sum.
IZealiant marks the fifth acquisition by the payments and neobanking platform to date and is expected to boost Razorpay’s banking solutions vertical, enabling it to develop innovative payment banking technologies for partner banks.
For its part, Razorpay’s banking arm works with over 45 banks across the country and offers products that help banks comply with RBI regulations. It has been part of several critical projects including the Razorpay TokenHQ and MandateHQ. The former is a multi-network RBI compliant card tokenization solution, while the latter is an API-based, plug-n-play recurring payments interface for banks.
Some of Razorpay’s acquisitions include AI-based risk tech and SaaS platform TERA Finlabs (last year), payroll and HR management platform Opfin (in 2019), and fraud analytics AI-platform Thirdwatch (in 2018). It also went international and expanded into South-East Asia with the recent acquisition of Malaysia-based fintech firm Curlec.
Coming to IZealiant, the Pune-based startup was founded by Prashant Mengawade, a former Mastercard executive. The seven-year-old firm is known to provide mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.
It was 14th in the “Deloitte technology fast 50 India” and “Deloitte technology fast 500 APAC.” Today, it has deployed its ZealPro product suite for more than 50 banks across 18 countries. This list includes India, South Africa, Nepal, Bangladesh, Vietnam, Singapore, Uganda, and others.
“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,” said Harshil Mathur, CEO and co-founder of Razorpay. The entirety of IZealiant’s team will be absorbed by Razorpay but will continue to work out of Pune.