Fintech unicorn Razorpay said on Tuesday it has acquired PoshVine, a payment-linked loyalty and engagement solutions provider to banks, businesses and payments networks, for an undisclosed amount. This marks the Bengaluru-based company’s seventh acquisition.
Last month, Razorpay acquired point of sale (PoS) companu Ezetap for about $200 million and entered the offline payments space. In the past it acquired companies like IZealiant Technologies, Curlec, TERA Finlabs, Opfin and ThirdWatch.
Razorpay said with over 76.8 million credit card holders who spent about Rs 1.14 trillion through online and PoS payments, there is a growing market for banks and merchants to focus on creating unique personalised purchase experiences for end customers and increasing their spends. One of the fastest-growing opportunities for achieving customer retention and customer lifetime value is through investment in rewards and loyalty management solutions, it said.
Since 2016, PoshVine has been offering its loyalty-as-a-service product to over 20 leading banks and networks such as SBI Card and HDFC Bank. It has enabled more than 5,000 merchants across India and Southeast Asia.
Shashank Kumar, MD and co-founder of Razorpay said, “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 including rewards, offers, and redemption of loyalty points. 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.”