Indian fintech unicorn Razorpay has acquired payments technology startup IZealiant Technologies for an undisclosed sum.

Pune-based IZealiant offers mobile-first, API-enabled and cloud-ready payment processing solutions for banks and financial institutions.

The deal is expected to bolster Razorpay’s banking solutions business to helping it develop new payment banking technologies for partner banks.

Even after the acquisition, the acquired firm will continue to operate from its Pune headquarters.

Razorpay CEO and co-founder Harshil Mathur 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.”

“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,” Mathur added.

Razorpay, which was founded in 2015, has already made four acquisitions prior to IZealiant deal.

Most recently, Razorpay acquired Malaysian fintech company Curlec. In 2021, the company acquired TERA Finlabs, an AI-based risk tech SaaS Platform.

Razorpay acquired payroll and HR management solution Opfin in 2019, and Thirdwatch (Fraud Analytics AI-platform) in 2018.

IZealiant CEO Prashant Mengawade said: “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.”