At Razorpay, they claim to have been driven by one fundamental question: “How can we improve the payments experience for our partner businesses and their end-consumers?”
Razorpay writes in a blog post that they “constantly work to find solutions within.” At times, the Indian Fintech firm also looks outwards, “for meaningful partnerships that will simplify money movement for our partner businesses.”
The company has embarked on another such collaboration. The Fintech is “pleased to announce the acquisition of IZealiant Technologies, a leader in developing innovative payments solutions for banks.”
Established back in 2015, Pune-headquartered IZealiant offers software products and services to banks and financial institutions “to enable electronic payments.” This acquisition will “help [the firm] pursue … payment banking technologies that can not only meet evolving business needs but also tackle some of the financial industry’s most complex challenges.”
Banks are considered important stakeholders in the payments sector. During the past few years, Razorpay’s Banking Solutions Arm has been “working closely with them, building innovative payment technology solutions.”
For its part, IZealiant has considerable banking expertise “in creating mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions across the globe.” The ZealPro product suite has been “deployed in over 50 banks across 18 countries, processing millions of transactions.”
This acquisition “represents the combining of two strong forces with hugely positive consequences.”
With their payments capabilities and with IZealiant’s knowledge and expertise, Razorpay will be able to build “industry-first solutions for banks that will in turn create a world-class payments experience for our businesses and their customers.”
Prashant Mengawade, CEO, IZealiant believes their joining hands is a radical move.
He remarked:
“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.”
He added:
“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.”
Razorpay’s acquisition of IZealiant will enable them to support banks with great tech infrastructure that will “enhance the payment experience for end-users.”