Razorpay forays into loyalty and rewards segment with PoshVine acquisition
- Payment services provider Razorpay announced the acquisition of PoshVine, a loyalty and rewards management platform.
- This marks the entry of Razorpay in the loyalty and rewards space, and it said the entire team of PoshVine will join the company.
- PoshVine is Razorpay’s seventh acquisition so far.
AdvertisementFintech 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 payments processor extend loyalty and rewards management services to merchants on its platform, integrating two aspects of payments on a single platform.
“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,” said Shashank Kumar, MD and co-founder of Razorpay.
PoshVine was founded in 2011 and has over 20 banks and networks such as SBI Card, HDFC Bank, IDFC First Bank and others as its clients. It also has over 5,000 merchants across India and South East Asia.
In contrast, Razorpay caters to over 8 million businesses, offering them the full suite of payment services, including seamless tokenization in line with RBI’s mandate.
PoshVine’s acquisition helps Razorpay fill a gap and make it a more lucrative option for merchants to jump onto 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 & merchants and creating a 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 that the payments service provider has acquired so far:
|PoshVine||Rewards and loyalty management|
|IZealiant Technologies||Fintech solutions|
|Tera Finlabs||Risk-tech SaaS platform|
|Opfin||Payroll and HR management|
Razorpay is currently valued at $7.5 billion and has raised $740 million till date. It reported a standalone revenue of ₹844 crore in FY21, and a profit of ₹7 crore, breaking a three-year streak of losses.
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