Razorpay takes over PoshVine, marks its 7th acquisition
This marks Razorpay’s seventh acquisition as it aims to become a leader in providing financial infrastructure to banks and businesses.
Payments and banking platform for businesses, , today announced its foray into loyalty and rewards management through the acquisition of .
Welcoming PoshVine and commenting on the acquisition, Shashank Kumar, MD and Co-founder of Razorpay, said,
“Our mission has always been to build a financial ecosystem for businesses around payments and banking. Loyalty has been a core need of banks and merchants, and our acquisition of Poshvine is a key step towards enabling further growth for our partner businesses."
"With an increasing percentage of customer spends moving online, there is a massive opportunity to help banks and merchants engage with their customers across the lifecycle using payment-linked loyalty including rewards, offers, and redemption of loyalty points," he added.
This marks Razorpay’s seventh acquisition in its aim to become a leader in providing financial infrastructure to banks and businesses. The company intends to deepen its foray into building a robust digital payment ecosystem for banks and merchants in India.
Prior to this, in August 2022, Razorpay acquired , an offline POS company that simplifies the in-person offline payments experience. Before that, the company acquired Pune-based fintech startup IZealiant Technologies, a fintech startup that provides payments technology solutions for banks. Other previous acquisitions include Malaysia-based fintech firm (a recurring revenue platform), TERA Finlabs, (AI-based risk tech SaaS Platform), (payroll and HR management solution), and (fraud analytics AI platform).
Founded in 2011, PoshVine is a fintech startup that offers payments-linked loyalty and engagement solutions to banks, payment networks, and businesses for an undisclosed amount. PoshVine develops loyalty and engagement solutions and delivers engagement experiences for banks, merchants, and customers.
It has been offering its loyalty-as-a-service product to over 20 leading banks and networks such as SBI, AU Bank, HDFC Bank, IDFC FIRST Bank, DBS, Visa, and Amex and has enabled more than 5,000 merchants across India and SEA (South East Asia).
Richik Nandi, Co-founder and CEO of PoshVine, said, “While we have introduced significant innovations focused primarily on banks, we have a large opportunity to deepen our relationships with both Banks and Merchants and help them maximize their share of spends.”
Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur in 2014, Razorpay provides technology payment solutions to over eight million businesses. It is a full-stack financial services company that helps Indian businesses to help with payments and banking.
Edited by Kanishk Singh