Payments infrastructure firm Juspay has acquired LotusPay in an all-cash deal.
Juspay provides payments solutions for leading companies in various sectors such as BFSI, ecommerce, travel, fintech and airlines.
This acquisition strengthens Juspay’s offerings to the BFSI segment and merchants, with a particular focus on enhancing its recurring payment capabilities, the company said in a press release.
Founded in 2016 by Atma Krishna and backed by Y Combinator, LotusPay provides cloud-based software for merchants and banks. NACH Debit, powered by the NPCI (National Payments Corporation of India), enables banks, financial institutions and merchants to collect recurring payments for loans, investments, insurance premiums, subscriptions, and more.
LotusPay serves banks, NBFCs including HDB Financial Services, InCred Finance and IIFL Samasta Finance, and tech startups including StashFin, Pine Labs and Kissht.
In 2023, LotusPay claimed that it registered more than 5 million mandates, and processed over 20 million transactions, surpassing a total value of Rs 20,000 crore.
Juspay will integrate LotusPay NACH into Juspay’s HyperCheckout and Express Checkout products, and continue offering it as a standalone service. The SoftBank-funded company processes over 100 million transactions daily, worth $500 billion TPV on an annualized basis.
