Fintech Unicorn Razorpay has acquired digital payments startup IZealiant Technologies for an undisclosed amount. This is Razorpay’s fifth acquisition since 2014.
The company said that the acquisition of IZealiant will further strengthen RazorPay’s banking solutions arm, helping it build innovative payment banking technologies for partner banks.
Pune-based fintech startup IZealiant Technologies was founded in 2015 by former Mastercard executive Prashant Mengawade, the company provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.
“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.
Bangalore-based fintech company RazorPay was founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar.
Razorpay said in a statement that “With IZealiant’s payment banking knowledge and expertise, together they can build simple, quick and secure products and support banks with a tech infrastructure that can create a frictionless payment experience for customers and businesses and IZealiant Team will continue to work out of Pune and through this acquisition, Razorpay will expand its headcount by establishing an office in Pune”.
IZealiant has processed over 40 million transactions and deployed its ZealPro product suite for over 50 banks in 18 countries, including India, South Africa, Nepal, Bangladesh, Vietnam, Singapore, Uganda and Mauritius, and many others.
“We are delighted to join hands with Razorpay and be part of their growth journey. 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”, said, Prashant Mengawade, founder and CEO of IZealiant.
After Paytm, Razorpay became the second most valuable fintech in India after its biggest funding round of $375 million in December 2021 at a double valuation of around $7.5 billion. The Startup valuation grew 7 times from $1 billion in just one year.
The company has registered over 300 percent growth for the second year in a row and plans to achieve $90 billion in TPV by the end of 2022.