Indian payment platform Razorpay announced on Wednesday (March 16) that it is acquiring IZealiant Technologies, which develops payment solutions for banks, a company article reported.
Razorpay says it’s an example of “looking outward” to find companies that will “simplify the movement of money for our partner companies”.
IZealiant was founded in 2015 and provides software products and services to banks and financial institutions to enable electronic payments.
Razorpay hopes to use the acquisition to add more payment technology to address financial industry challenges.
Razorpay’s blog praises IZealiant’s technology for its ability to work with mobile, API-enabled and cloud-based banking products. For example, its ZealPro product has been used to perform millions of transactions. Razorpay says its acquisition “represents the combination of two strong forces with extremely positive consequences.”
“Using our payment capabilities and IZealiant’s knowledge and expertise, we will be able to create innovative solutions for banks which, in turn, will create a world-class payment experience for our businesses and their customers. customers,” the company said in the post.
Prashant Mengawade, CEO of IZealiant, said the acquisition would be successful as financial institutions seek to adopt new solutions to meet their needs.
Read more: FinTech Razorpay buys Malaysian payments startup Curlec
Razorpay also bought Curlec, a Malaysian payments startup, earlier this year. The complete acquisition will take place within a year and a half. Curlec offers recurring payment solutions for businesses.
Harshil Mathur, CEO and co-founder of Razorpay, said the acquisition would help expand into Southeast Asia.
“With the vast experience in a heterogeneous market like India over the past seven years, our expansion into the Southeast Asian payments market is timed exactly to coincide with the company’s growing dominance across the board. payments,” he said.
Razorpay also raised $375 million to invest in neobanks at the end of 2021.