Fintech Unicorn Razorpay Acquires PoshVine To Enter Rewards Management Space

Fintech unicorn Razorpay has acquired loyalty and reward management solutions provider PoshVine for an undisclosed amount. Earlier in 2022, it acquired digital payment startup Ezetap, fintech startup IZealiant Technologies and Malaysia-based startup Curlec. 

As part of the deal, the entire PoshVine team will become a part of Razorpay and help the fintech unicorn build a payment-linked loyalty infrastructure. 

“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. While we have introduced significant innovations focused primarily on banks, we have a large opportunity to deepen our relationships with both banks and merchants,” said Richik Nandi, cofounder and CEO of PoshVine.

Founded in 2011 by Nandi and Garima Satija, PoshVine is a fintech startup that offers payments-linked loyalty and engagement solutions to commercial banks, payment networks, and businesses. 

PoshVine said that it helps banks, fintech companies and payment networks grow customer engagement via its rewards management solutions. It is presently working with more than 20 banks and payment companies including SBI Cards, HDFC Bank, Visa, DBS, Kotak Mahindra Bank and AU Small Finance Bank, among others across India, SEA, and CEMEA. 

PoshVine further claims to have clocked a 3X growth in annualised revenue in the financial year 2022. 

Razorpay, which was founded in 2014 by IIT graduates Shashank Kumar and Harshil Mathur, is a full-stack payment solutions provider. 

“Loyalty has been a core need of banks and 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,” Kumar said.

Razorpay claims to have offered solutions to over 8 Mn businesses and received $741 Mn+ from investors to date. Its cap table includes Lone Pine Capital, Alkeon Capital, Tiger Global, Sequoia Capital India, Matrix Partners, Salesforce Ventures, Y Combinator and Mastercard, among others. 

Razorpay also said that excluding PoshVine, it has acquired six startups–Ezetap, IZealiant Technologies, Curlec, TERA Finlabs, Opfin and Thirdwatch since its inception.