FinTech Razorpay Buys ePayments Company IZealiant
Summary
Razorpay says this is an example of “looking outwards” to find businesses that “that will simplify money movement for our partner businesses.” IZealiant was founded in 2015 and provides software products and services for banks and financial institutions to enable electronic payments. Razorpay hopes to use the acquisition to add more payment tech to address challenges in the finance industry. The blog from Razorpay praises IZealiant’s tech for being able to work with mobile, API-enabled and cloud-based banking products. Razorpay says its acquisition “represents the combining of two strong forces with hugely positive consequences.” “With our payments capabilities and with IZealiant’s knowledge and expertise, we 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,” the company said in the post. Prashant Mengawade, IZealiant CEO, said the acquisition would be fruitful due to financial institutions looking to adopt new solutions to meet their needs.