Razorpay acquires PoshVine to foray into loyalty and rewards management

Fintech unicorn Razorpay has acquired PoshVine which offers payment-linked loyalty and engagement solutions to banks, payment networks, and businesses.

The terms of the deal couldn't be ascertained.

Founded in 2011 by Garima Satija and Richik Nandi, PoshVine enables banks, fintech and payment networks to increase customer engagement using its suite of offers and rewards management solutions. PoshVine says it works with more than 20 banks or networks including SBI Cards, HDFC Bank, Visa, DBS, Kotak Mahindra Bank, AU Small Finance Bank across India, SEA, and CEMEA with participation from over 5,000 merchants to improve customer acquisition, and share of wallet.

PoshVine claims to have seen three-fold growth in FY22. The Bengaluru-based startup raised seed money from MyFirstCheque in 2012.

The latest acquisition marks Razorpay’s seventh acquisition to date. It recently acquired point of sale company Ezetap for about $200 million to foray into the offline payments space. IZealiant Technologies, Curlec, TERA Finlabs, Opfin and ThirdWatch also became a part of Razorpay community over the past few months.

Harshil Mathur-led Razorpay became the top most privately valued fintech startup in India when it raised $375 million at $7.5 billion valuation in December last year. Besides four acquisitions in 2022, it also organized an ESOP sale for its 650 existing and former employees as part of a $75 million transaction. In July, the company also received RBI’s approval for a Payment Aggregator (PA) License.