Razorpay, a fintech unicorn, announced the purchase of IZealiant Technologies, a renowned Fintech business that provides payment technology solutions to banks, on Tuesday.
IZealiant, a Pune-based business founded in 2015, delivers mobile-first, API-enabled, and cloud-ready payment processing technologies for banks and financial institutions.
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.”