Payment infrastructure company Juspay has acquired LotusPay in an all-cash deal, it said in on Tuesday. “This acquisition strengthens Juspay’s offerings to the BFSI segment and merchants, with a particular focus on enhancing its recurring payment capabilities,” it said in a release.
Founded in 2016 by Atma Krishna and backed by Y Combinator, LotusPay specialises in NACH debit, and provides cloud-based software for merchants and banks. LotusPay caters to entities like HDB Financial Services, InCred Finance and IIFL Samasta Finance, and technology companies including StashFin, Pine Labs and Kissht among others.
In 2023, the company registered more than 5 million mandates, and processed over 20 million transactions, surpassing a total value of Rs 20,000 crore. “LotusPay’s NACH solutions are the best in the market, and they add strength to our existing recurring payment offerings,” said Sheetal Lalwani, co-founder and chief operating officer, Juspay.
“We can now serve our enterprise clients (banks, merchants, NBFCs) with a complete suite of recurring payment options with a single integration,” she added. Juspay said that it will integrate LotusPay NACH into Juspay’s HyperCheckout and Express Checkout products, and continue offering it as a standalone service. Juspay processes more than 100 million transactions daily, with a total payment value of $500 billion on an annualised basis.