Razorpay to Acquire IZealiant Technologies

On Wednesday, popular Fintech Company- Razorpay announced that it will acquire  IZealiant Technologies, a leading fintech startup that provides payments technology solutions for banks. However, the amount at which Razorpay acquired IZealiant is not revealed yet. Razorpay informed that the acquisition of IZealiant Technologies will strengthen Razorpay’s banking solutions arm that builds innovative tech solutions for banks. Harshil Mathur, CEO and Co-founder of Razorpay while informing about the deal in his statement 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." IZealiant was founded in the year 2015. It offers mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions. Chief Executive Officer of IZealiant, Prashant Mengawade said: "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." This is Razorpay’s fifth acquisition to date. It serves over 8 million businesses including Facebook, Ola, Zomato, Swiggy, Cred, and achieved a $60 billion Total Payment Volume (TPV)