Indian payments platform Razorpay announced Wednesday (March 16) that it’s acquiring IZealiant Technologies, which develops payment solutions for banks, a company post reported.
Razorpay says this is an example of “looking outwards” to find businesses that “that will simplify money movement for our partner businesses.”
IZealiant was founded in 2015 and provides software products and services for banks and financial institutions to enable electronic payments.
Razorpay hopes to use the acquisition to add more payment tech to address challenges in the finance industry.
The blog from Razorpay praises IZealiant’s tech for being able to work with mobile, API-enabled and cloud-based banking products. For instance, its ZealPro product has been used to make millions of transactions. Razorpay says its acquisition “represents the combining of two strong forces with hugely positive consequences.”
“With our payments capabilities and with IZealiant’s knowledge and expertise, we will be able to build industry-first solutions for banks that will in turn create a world-class payments experience for our businesses and their customers,” the company said in the post.
Prashant Mengawade, IZealiant CEO, said the acquisition would be fruitful due to financial institutions looking to adopt new solutions to meet their needs.
Read more: FinTech Razorpay Buys Malaysia’s Payments Startup Curlec
Razorpay also bought Curlec, a Malaysian payments startup, earlier this year. The full acquisition will occur within the next year and a half. Curlec offers solutions for recurring payments for businesses.
Harshil Mathur, Razorpay CEO and co-founder, said the acquisition would help expand into Southeast Asia.
“With the vast experience in a heterogenous market like India over the last seven years, our expansion to the Southeast Asia payments market is timed exactly to coincide with the company’s growing dominance in all things payments,” he said.
Razorpay also raised $375 million to go towards investing in neobanks at the end of 2021.
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