Razorpay Acquires PoshVine to Advance Loyalty Push

Digital payments gateway Razorpay is accelerating its push into loyalty and rewards management with the acquisition of the payments-linked loyalty and engagement startup PoshVine for undisclosed terms.

“Our mission has always been to build a financial ecosystem for businesses around payments and banking. 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,” Shashank Kumar, MD and co-founder of Razorpay said in a press release emailed to PYMNTS on Tuesday (Sept. 27).

“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.

See also: Indian Digital Payments Startup Razorpay Acquires Ezetap to Access Offline Market

Headquartered in Bengaluru, Karnataka, India and co-founded in 2011 by CEO Richik Nandi and Garima Satija, PoshVine offers payments-linked loyalty and engagement solutions to banks, payment networks, and businesses. Under the acquisition deal, the entire PoshVine team will be joining Razorpay.

PoshVine marks Razorpay’s seventh acquisition following the August purchase of offline POS company Ezetap. The company also acquired IZealiant Technologies, Curlec, TERA Finlabs, Opfin, and Thirdwatch.

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“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,” said Nandi.

Related: India’s Small Businesses Turn to Digital Ecosystems to Ease Payments, Ordering, Logistics and More

“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,” he added.

Founded in 2014 and headquartered in Bangalore, India, Razorpay works with over 8 million companies, accepting payments and managing banking operations for online businesses. The Fintech Unicorn business has a neo banking arm, RazorpayX.