Fintech firm Razorpay acquires IZealiant Technologies to strengthen its banking segment

Bengaluru-based financial technology platform Razorpay today announced its fifth acquisition. The fintech company has acquired Pune-based IZealiant Technologies, a leading fintech startup that provides payments technology solutions for banks, for an undisclosed amount.

Prior to this, the fintech firm had acquired Curlec, TERA Finlabs, opfin, and ThirdWatch. Following the current deal, Razorpay will focus on strengthening its banking solutions arm that builds innovative tech solutions for banks, the company said in a statement.

Additionally, the IZealiant's team will continue to work out of Pune under Razorpay. Founded in 2015 by Prashant Mengawade, IZealiant provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.

"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 & Co-founder of Razorpay.

Razorpay's banking team has been part of several critical projects including the Razorpay TokenHQ -- India's first multi-network RBI compliant card tokenization solution, and MandateHQ -- the API-based, plug-n-play recurring payments interface for banks.

On the other hand, IZealiant has deployed its 'ZealPro' product suite for more than 50 banks across 18 countries, processing millions of transactions including in India, South Africa, Nepal, Bangladesh, Vietnam, Singapore, Uganda, among many others.

"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, CEO, IZealiant.

In December last year, Razorpay had doubled its valuation after raising $375 million in a Series F funding round at a valuation of $7.5 billion.

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