Juspay acquires LotusPay to enhance recurring payment capabilities
Juspay said that the acquisition strengthens its offerings to the BFSI segment and merchants, enhancing its recurring payment capabilities.
Payments infrastructure company has acquired recurring payments solution provider in an all-cash deal.
Juspay, which provides payment solutions for companies in various sectors, said that the acquisition strengthens its offerings to the BFSI segment and merchants.
The financial specifics of the transaction were not revealed by the companies.
Founded in 2016 by Atma Krishna and backed by Y Combinator, LotusPay offers recurring payment solutions via National Automated Clearing House (NACH) Debit and provides cloud-based software for merchants and banks.
“LotusPay’s NACH solutions are the best in the market, and they add strength to our existing recurring payment offerings. We can now serve our enterprise clients (banks, merchants, NBFCs) with a complete suite of recurring payment options with a single integration,” Sheetal Lalwani, Co-founder and COO of Juspay, said.
Juspay will integrate LotusPay NACH into some of its products, and continue offering it as a standalone service. Juspay claims to process over 100 million transactions daily.
LotusPay serves banks, NBFCs (Non-Banking Financial Companies) including HDB Financial Services, InCred Finance, and IIFL Samasta Finance, and technology companies like StashFin, Pine Labs, and Kissht. LotusPay says it has processed over 20 million transactions in 2023.
While Juspay has raised a total funding of $87.8 million, LotusPay has raised $120,000, according to Tracxn.
Edited by Affirunisa Kankudti