Fintech unicorn Razorpay has been on a major spending spree over the last several months. Earlier this year, the company acquired both Malaysian startup Curlec and digital payments company Ezetap as part of an ongoing strategy of beefing up its payment-linked loyalty ecosystem.
As of September 2022, Razorpay has picked up one more crucial piece of that puzzle in the form of rewards management fintech PoshVine. As part of the deal, for which financial details have not yet been disclosed, the team that has spent the last eleven years building PoshVine into a loyalty and engagement programs powerhouse will now be working for Razorpay.
“We envision becoming a trusted partner for digital enterprises to accelerate customer success and loyalty, by providing a rewards ecosystem to customers, banks, and merchants,” said PoshVine’s Co-Founder and Chief Executive Officer, Richik Nandi, about the acquisition. “While we have introduced significant innovations focused primarily on banks, we have a large opportunity to deepen our relationships with both banks and merchants.”
For its part, Razorpay has attracted considerable financial support from a suite of investors including Tiger Global, Matrix Partners, and Lone Pine Capital. With a client network in excess of eight million businesses around the globe, the addition of the PoshVine infrastructure is expected to bring substantial benefits to the company.