Razorpay buys PoshVine, marking its 7th acquisition

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Razorpay is a business-focused payment and banking platform. On Tuesday, it announced that it had acquired PoshVine in order to expand its loyalty and rewards management capabilities. The companies did not disclose the value of the deal.

PoshVine, which was established in 2011, provides payment networks and banks with payment-linked loyalty solutions and engagement solutions. PoshVine provides engagement solutions to financial institutions, retailers, as well as consumers. The company’s loyalty as-a-service offering has helped more than 5,000 merchants in India, Southeast Asia, and other countries. It is available to more than 20 financial networks and institutions, including SBI, AU Bank and HDFC Bank, IDFC FIRST Bank and DBS (South East Asia).

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Razorpay was established in 2014 by IIT Roorkee graduates Shashank Kumar & Harshil Mathur. It provides technological payment solutions for over eight million businesses. It is a financial services company that provides banking and payments support to Indian companies.

Shashank Kumar (MD and Co-founder Razorpay) welcomed Poshvine and commented on the acquisition. “Our mission was always to create a financial environment for businesses around banking and payments. The core purpose of merchants and banks is loyalty, and the acquisition of Poshvine will allow them to grow their partner businesses.

PoshVine’s entire team joined Razorpay to create a loyalty program that is payment-linked. As a result, both shops and banks have been able to play a major role in the payments system. There is a growing market for retailers and banks to focus on providing unique experiences for customers and increasing their spending. One of the best ways to increase customer retention is by investing in loyalty and rewards management systems.

This is Razorpay’s seventh acquisition. In August 2022 Razorpay purchased Ezetap, which streamlines offline payments at physical points of sale. It had previously purchased IZealiant Technologies (a payments technology solution provider for banks based in Pune, India) prior to that. The acquisitions of fintech companies include the Malaysian company Curlec (a recurring income platform), TERA Finlabs (an AI-based risk tech SaaS Platform), Opfin Software (a payroll management solution) and ThirdWatch (fraud analysis AI platform).

Richik Nandi (co-founder and CEO of PoshVine) stated that while we have made significant innovations mainly for Banks, there is a huge opportunity to strengthen our relationships with Merchants and Banks and maximize their share of spends.

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