Bangalore-headquartered (India) digital payment and financial services unicorn, Razorpay acquired Pune-based iZealiant Technologies on March 16, 2022. iZealiant Technologies is a fintech platform that works as a payment solution provider.
So far, it is Razorpay’s fifth acquisition. However, the amount of the purchase remains undisclosed.
Razorpay’s reason for the acquisition
The acquisition of iZealiant Technologies will aid Razorpay in its banking solutions arm. It will help Razorpay build innovative payment banking technologies for partner banks and other financial institutions.
As a part of this deal, Razorpay will acquire the entire team of iZealiant Technologies.
Previously, Razorpay made its international foray with the acquisition of Curlec. Curlec is a Malaysian-based fintech platform.
Its other acquisitions include TERA Finlabs, an AI-based risk tech firm, Opfin payroll and HR Management solution and fraud analytics startup Thirdwatch.
What the Razorpay co-founder has to say
Harshil Mathur, CEO and Co-founder of Razorpay, said, “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 developing and implementing complex, high-performance acquiring and issuing systems. I am confident that together we will be able to build industry-first solutions for the banks in India.”
Currently, Razorpay has operations with over 45 banks in India. It offers products that aid banks in complying with the regulations of the Reserve Bank of India (RBI). Its product offerings include- Razorpay TokenHQ, a multi-network card tokenization solution; and MandateHQ, an API-based plug-n-play recurring payment interface solution for banks.
What the iZealiant Technologies has to say
“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.
About iZealiant Technologies
Former Mastercard executive Prashant Mengawade founded iZealiant Technologies in 2015. The Pune-based startup offers mobile-first, API-enabled, and cloud-ready payment processing solutions for banks and other financial institutions.
iZealiant’s ZealPro product suite is deployed across 18 countries for more than 50 banks. It processes millions of transactions across international geographies of South Africa, Nepal, Bangladesh, Vietnam, Singapore, Uganda, and India.
The team of iZealiant Technologies will continue to work out of Pune. Consequently, Razorpay will expand its roots by establishing an office in Pune.
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