This marks Razorpay’s 7th acquisition in its journey towards becoming a global leader in providing financial infrastructure to banks and businesses
INDIA, Bangalore – 27th September 2022: With an intent to deepen its foray into building a robust digital payment ecosystem for banks and merchants in India, Razorpay, India’s leading Payments and Banking Platform for Businesses, today announced its foray into Loyalty and Rewards Management through the acquisition of PoshVine. Founded in 2011, PoshVine is a leading fintech startup that offers payments-linked loyalty and engagement solutions to Banks, Payment Networks, and businesses, for an undisclosed amount. PoshVine develops powerful and flexible loyalty and engagement solutions and delivers better engagement experiences for banks, merchants, and customers.
Having built innovative payment solutions for its partner businesses, Razorpay has been actively working with the country’s leading banks, creating a robust digital infrastructure for both banks and merchants in India.
In this era of evolving customer needs, banks and merchants are becoming key stakeholders in the payments ecosystem. With over 7.68 crore credit card holders who spent about Rs. 1,13,695 crore through online and PoS payments, there is a growing market for banks and merchants to focus on creating unique personalized purchase experiences for end-customers and increasing customers’ spends. One of the fastest-growing opportunities for achieving customer retention and customer lifetime value is through investment in rewards and loyalty management solutions. And PoshVine has been the frontrunner in this, the company witnessed a 3X growth in FY’2022 alone.
Since 2016, PoshVine has been offering its Loyalty-as-a-Service product to over 20+ leading banks and networks such as SBI Card, HDFC Bank, IDFC FIRST Bank, AU Bank, DBS, Visa and Amex and has enabled more than 5000 merchants across India and SEA (South East Asia).
This marks Razorpay’s 7th acquisition in its journey towards becoming a global leader in providing financial infrastructure to banks and businesses.
Welcoming PoshVine to Razorpay Family and commenting on the acquisition, Shashank Kumar, MD & Co-founder of Razorpay said, “Our mission has always been to build a financial ecosystem for businesses around payments & banking. Loyalty has been a core need of banks & 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, “The team that Richik and Garima have built mirrors our own in every sense. They have been driven by the vision to build the best plug-and-play loyalty suite for Banks – and now with Razorpay’s merchant relations, we will together enable a large base of merchants to connect with banks to create unique contextual loyalty solutions for their customers.”
Richik Nandi, Co-Founder & CEO of PoshVine said, “At PoshVine, we are driven by a vision to become the trusted partner for digital enterprises to accelerate customer success and loyalty, by providing a mutually beneficial rewards ecosystem for customers, banks, and merchants. 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. My Co-Founder Garima and I, welcome the opportunity to scale this vision together with Razorpay. Given the synergies between our cultures, values, and our visions, we look forward to transforming customer engagement for banks & merchants and creating a greater impact and experience for end-consumers.”
The entire PoshVine team will be joining Razorpay with a vision to build the best-in-class Payment-linked Loyalty infra. This marks Razorpay’s seventh acquisition; prior to this, Razorpay recently acquired Ezetap, India’s leading offline POS company that was founded with the aim to simplify the in-person offline payments experience in August 2022. Before that, the company acquired Pune-based fintech startup IZealiant Technologies, a leading Fintech startup that provides payments technology solutions for banks. The other previous acquisitions include Malaysia-based fintech firm Curlec (a leading recurring revenue platform), TERA Finlabs, (AI-based risk tech SaaS Platform), Opfin (Payroll & HR management solution), and Thirdwatch (Fraud Analytics AI-platform).
Over the last 8 years, Razorpay, trusted by over 8 Mn businesses, has repeatedly disrupted the process of accepting payments and managing banking operations for online businesses. The Fintech Unicorn is at the forefront of India’s digital financial revolution building the central nervous system for Digital India, with clear dominance in digital payments and its fast-growing business neo banking arm, RazorpayX.
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