The deal marks Razorpay’s fifth acquisition since its inception in 2014. The company made its international foray last month, after it acquired Malaysian fintech firm Curlec.
As a part of the acquisition, Razorpay will absorb the entire team of IZealiant Technologies.
Founded in 2015, IZealiant is a Pune-based startup that provides mobile-first, application programming interface (API)-enabled, cloud-ready payment processing products for banks and financial institutions.
The acquisition of IZealiant will further strengthen Razorpay’s banking solutions arm, helping it to build innovative payment banking technologies for partner banks, it said in a statement.
Razorpay’s banking solutions arm has been working closely with 45 banks in India and has launched several solutions including Razorpay TokenHQ, a card tokenization solution, and MandateHQ, a plug-n-play recurring payments interface for banks.
“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, chief executive officer and cofounder of Razorpay.
IZealiant has deployed its product suite for more than 50 banks across 18 countries, processing millions of transactions across international geographies of South Africa, Nepal, Bangladesh, Vietnam, Singapore, Uganda, including India.
“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,” Prashant Mengawade, CEO, IZealiant.
Prior to this, Razorpay announced the acquisition of AI-based risk tech firm TERA Finlabs; payroll and HR management solution Opfin; and fraud analytics startup Thirdwatch.