Razorpay acquires payments tech start-up IZealiant Technologies 

Fintech unicorn, Razorpay has acquired payments technology startup IZealiant Technologies for an undisclosed amount.

Founded in 2015, IZealiant is a Pune-based star-tup that provides mobile-first, API-enabled and cloud-ready payment processing products for banks and financial institutions.  The acquisition of IZealiant is said to strengthen Razorpay’s banking solutions arm.

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 announced the acquisition of Malaysia-based fintech firm Curlec in 2022, AI-based risktech SaaS Platform TERA Finlabs in 2021, payroll and HR management solution Opfin in 2019, and fraud analytics AI-platform Thirdwatch in 2018. 

Razorpay believes IZealiant has enormous banking expertise. In the last seven 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, among others.  

Harshil Mathur, CEO and Co-founder of Razorpay, said, “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 and changing market dynamics in the new normal.”

He added, “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.” 

Prashant Mengawade, CEO, IZealiant, said, “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. At IZealiant, we are extremely proud of our customer-centricity, and high-performing digital payments solutions that we have built for leading financial institutions across the world. 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.”  

Razorpay said it serves over 8 million businesses including the likes of Facebook, Ola, Zomato, Swiggy, Cred, and has achieved $60 billion Total Payment Volume (TPV) as of early December 2021. The company plans to achieve $90 billion TPV by the end of 2022.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS

1. Comments will be moderated by The Hindu editorial team.
2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
4. We may remove hyperlinks within comments.
5. Please use a genuine email ID and provide your name, to avoid rejection.