- Payment service provider Razorpay has announced the acquisition of PoshVine, a loyalty and rewards management platform.
- This marks Razorpay’s entry into the loyalty and rewards space, and it said the entire team at PoshVine will be joining the company.
- PoshVine is Razorpay’s seventh acquisition to date.
Fintech unicorn Razorpay today announced its entry into the loyalty and rewards segment with the acquisition of PoshVine for an undisclosed amount.
Razorpay’s acquisition of PoshVine will help the payment processor extend loyalty and rewards management services to merchants on its platform, integrating two aspects of payments on one platform.
“Loyalty is a core need of banks and merchants, and our acquisition of Poshvine is an important step toward further growth for our partner companies,” said Shashank Kumar, MD and co-founder of Razorpay.
Founded in 2011, PoshVine has more than 20 banks and networks such as SBI Card, HDFC Bank, IDFC First Bank and others as clients. It also has over 5,000 merchants in India and Southeast Asia.
Razorpay, on the other hand, caters to more than 8 million businesses and provides them with the full suite of payment services, including seamless tokenization in accordance with RBI’s mandate.
The acquisition of PoshVine will help Razorpay fill a gap and make it a more lucrative option for traders to jump on its platform.
“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 and merchants and creating greater impact and experience for end consumers,” said Richik Nandi, Co-Founder and CEO of PoshVine.
PoshVine is Razorpay’s seventh acquisition – here are all the companies the payment service provider has acquired so far:
|PoshVine||Rewards and Loyalty Management|
|Ezetap||Offline point of sale|
|iZealiant Technologies||Fintech Solutions|
|Tera Finlabs||Risk-tech SaaS platform|
|by the way||Payroll and HR management|
|third watch||Fraud analysis|
Razorpay is currently valued at $7.5 billion and has raised $740 million to date. It reported standalone sales of 844 crore in FY21, and a profit of ₹7 crore, breaking a string of three-year losses.
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