Razorpay Buys Fintech Startup Izealiant To Empower Banks
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 IZealiant Team will continue to work out of Pune and Razorpay will expand its headcount by establishing an office in Pune
“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.
Working closely with over 45 banks in India, Razorpay's banking team has been part of several critical projects including the RazorpayTokenHQ 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 'Zeal Pro' 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 asfinancial 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 Third watch (fraud analytics AI platform) in 2018.
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.