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Fintech unicorn Razorpay on Tuesday announced its acquisition of IZealiant Technologies, a leading Fintech startup that provides payments technology solutions for banks, for an undisclosed amount.

Founded in 2015, IZealiant is a Pune-based startup that provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.

The acquisition of IZealiant will further strengthen Razorpay’s Banking Solutions Arm to build innovative payment banking technologies for partner banks, so that both businesses & their end-consumers enjoy a faster, seamless and secure payment experience.

Working closely with over 45 banks in India, 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.

Commenting on the acquisition, Harshil Mathur, CEO & Co-founder of Razorpay said, “We are excited to have the IZealiant team join the Razorpay family today. 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 and changing market dynamics in the new normal." He added, “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."

Prashant Mengawade, CEO, IZealiant said, “We are delighted to join hands with Razorpay and be part of their growth journey, together. 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. At IZealiant, we are extremely proud of our customer-centricity, and high-performing digital payments solutions that we have built for leading financial institutions across the world. With Razorpay’s market-defining innovation and leadership in technical expertise, I’m confident that our combined forces will be a game-changer for pioneering modern payments solutions for banks."

The IZealiant Team will continue to work out of Pune and through this acquisition, Razorpay will expand its headcount by establishing an office in Pune. This marks Razorpay’s fifth acquisition; prior to this, Razorpay announced the acquisition of Malaysia-based fintech firm Curlec. Before that, Razorpay acquired TERA Finlabs, (AI-based risk tech SaaS Platform) in 2021, Opfin (Payroll & HR management solution) in 2019, and Thirdwatch (Fraud Analytics AI-platform) in 2018. 

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