MARCH 20228EDITORIAL EXCLUSIVERAZORPAY BUYS FINTECH STARTUP IZEALIANTTO EMPOWER BANKSBy team startupcityintech platform Razorpay on Wednesday an-nounced to acquire IZealiant Technologies, a leading fintech startup that provides payments technology solutions for banks, for an undis-closed sum.The acquisition of Pune-based IZealiant, the fifth by Razorpay to date, will strengthen its banking solutions arm that builds innovative tech solutions for banks, the company said in a statement.Founded in 2015, 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-perfor-mance acquiring and issuing systems and I am confi-dent that together we will be able to build industry-first solutions for the banks in India," said HarshilMathur, CEO and Co-founder of Razorpay.Working closely with over 45 banks in India, Ra-zorpay's banking team has been part of several critical projects including the RazorpayTokenHQ -- India's first multi-network RBI compliant card tokenisation solu-tion, and MandateHQ -- the API-based, plug-n-play re-curring payments interface for banks.On the other hand, IZealiant has deployed its 'Zeal-Pro' product suite for more than 50 banks across 18 countries, processing millions of transactions including in India, South Africa, Nepal, Bangladesh, Vietnam, Sin-gapore, 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 PrashantMengawade, CEO, IZealiant.The IZealiant Team will continue to work out of Pune and Razorpay will expand its headcount by estab-lishing an office in Pune.Prior to this, Razorpay acquired Malaysia-based fin-tech firm Curlec; TERA Finlabs, (AI-based risk tech SaaS platform) in 2021; Opfin (payroll and HR management solution) in 2019, and Thirdwatch (fraud analytics AI-platform) in 2018.Razorpay serves over 8 million businesses including Facebook, Ola, Zomato, Swiggy, Cred, and achieved $60 billion Total Payment Volume (TPV) as of early Decem-ber 2021. FThe IZealiant Team will continue to work out of Pune and Razorpay will expand its headcount by establishing an office in Pune
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