Fintech major Razorpay has acquired PoshVine for an undisclosed sum to foray into loyalty and rewards management. This is the seventh acquisition of the fintech company.
Founded in 2011, PoshVine is a fintech startup that offers payment-linked loyalty and engagement solutions to banks, payment networks, and businesses. PoshVine develops flexible loyalty and engagement solutions and delivers engagement experiences for banks, merchants, and customers.
“One of the fastest-growing opportunities for achieving customer retention and customer lifetime value is through investment in rewards and loyalty management solutions. And PoshVine has been the frontrunner in this, the company witnessed a 3X growth in FY22 alone,” the fintech company said.
Since 2016, PoshVine has been offering its Loyalty-as-a-Service product to over 20 banks and networks such as SBI Card, HDFC Bank, IDFC FIRST Bank, AU Bank, DBS, Visa and Amex and has enabled over 5,000 merchants across India and South East Asia.
Welcoming PoshVine to Razorpay Family and commenting on the acquisition, Shashank Kumar, MD & Co-founder of Razorpay said, “Our mission has always been to build a financial ecosystem for businesses around payments & banking. 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. 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.”
He added, “The team that Richik and Garima have built mirrors our own in every sense. They have been driven by the vision to build the best plug-and-play loyalty suite for Banks – and now with Razorpay’s merchant relations, we will together enable a large base of merchants to connect with banks to create unique contextual loyalty solutions for their customers.”
Richik Nandi, Co-Founder & CEO of PoshVine said, “At PoshVine, we are driven by a vision to become the trusted partner for digital enterprises to accelerate customer success and loyalty, by providing a mutually beneficial rewards ecosystem for 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 and help them maximize their share of spends. 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.
The entire PoshVine team will be joining Razorpay to build payment-linked Loyalty infra. This marks Razorpay’s seventh acquisition after the acquisition of Ezetap, an offline POS company in August 2022, the Pune-based fintech startup IZealiant Technologies, Malaysia-based fintech firm Curlec (a leading recurring revenue platform), TERA Finlabs, (AI-based risk tech SaaS Platform), Opfin (Payroll & HR management solution), and Thirdwatch (Fraud Analytics AI-platform).
