Razorpay acquires IZealiant Technologies to strengthen its banking solution services

Fintech unicorn, Razorpay has announced its fifth acquisition with the buyout of a startup,  Izealiant Technologies, that provides payments technology solutions for banks.
 
Razorpay didn’t disclose the valuation of the deal. Last month, Razorpay acquired Malaysia headquartered startup, Curlec for $19-20 million. The company also 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.
 
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, as per an official handout, will further strengthen Razorpay’s banking solutions arm to build innovative payment banking technologies for partner banks, so that both businesses and their end-consumers enjoy a faster, seamless and secure payment experience.
 
Razorpay said the fresh acquisition will firepower the banking solution services with the fintech major now working with 45 major financial institutions across 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, the company said.
 
In the last seven years, 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.
 
“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.” Harshil Mathur, CEO & Co-founder of Razorpay said.
 
“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,” Mathur added.
 
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.
 
“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... 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,” said Prashant Mengawade, CEO, IZealiant.