Razorpay has announced an acquisition to bolster its banking solutions subsidiary that develops innovative tech solutions for banks. The company has bought a major fintech startup, IZealiant Technologies.
Razorpay, a fintech unicorn, announced the takeover of Pune-based fintech startup, IZealiant Technologies, for an undisclosed sum on March 15, 2022.
Razorpay’s Banking Solutions Arm will be strengthened by the takeover deal of IZealiant. The startup will develop revolutionary payment banking solutions for partner banks, allowing businesses and their end-customers to enjoy a faster, more seamless, and secure payment experience.
A number of important projects in India have been worked on by Razorpay’s Banking team. These projects include Razorpay TokenHQ, India’s first multi-network RBI compliant card tokenization solution, and MandateHQ, an API-based, plug-and-play recurring payments interface for banks.
IZealiant is a well-known fintech business that provides banks with payments technology solutions. The startup offers banks and financial institutions mobile-first, API-enabled, and cloud-ready payment processing tools.
Prashant Mengawade, CEO of IZealiant, stated, “We are excited to collaborate with Razorpay and be a part of their growth journey. Financial institutions are rushing to deploy creative, adaptable, and secure solutions to meet ever-changing client demands, and the timing couldn’t be better. IZealiant is extremely proud of the customer-centricity and high-performance digital payment systems that we have built for some of the world’s most famous financial institutions. Because of Razorpay’s market-defining creativity and technological proficiency, I’m confident that our combined forces will be a game-changer in pioneering new payments solutions for banks.”
Harshil Mathur, CEO and Co-Founder of Razorpay, added, “We are delighted to welcome the IZealiant team to the Razorpay family. I am confident that the combined strength of two technological enterprises will aid our partner banks in developing next-generation solutions and changing market dynamics in the new normal. The team at IZealiant has extensive expertise in developing and implementing sophisticated, high-performance acquiring and issuing systems. And I am certain that together we will be able to deliver industry-first solutions to Indian banks.”