SoftBank-backed payments infrastructure firm Juspay has acquired LotusPay in an all-cash deal.
Bengaluru-based Juspay provides payments solutions for leading companies in various sectors such as BFSI, ecommerce, travel, fintech, airlines etc.
The acquisition strengthens Juspay’s offerings to the BFSI segment and merchants, with a focus on enhancing its recurring payment capabilities, the company said.
On Wednesday, Juspay and Decentro received the final licence to operate as payment aggregators. They will join the likes of Razorpay, Cashfree, Zomato and others who got the licence earlier.
ET reported December 14 that Juspay, which was working with other payment aggregators as a technology stack, wants to enter the payments space directly and expand operations outside India too.
Founded in 2016 by Atma Krishna and backed by Y Combinator, LotusPay is a pioneer in NACH (National Automated Clearing House) Debit, and 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.
LotusPay serves banks, NBFCs including HDB Financial Services, InCred Finance and IIFL Samasta Finance, and technology companies including StashFin, Pine Labs and Kissht.
In 2023, LotusPay registered more than 5 million mandates, and processed over 20 million transactions, surpassing a total value of Rs. 20,000 crore, according to the statement.
“LotusPay’s NACH solutions are the best in the market, and they add strength to our existing recurring payment offerings. We can now serve our enterprise clients (banks, merchants, NBFCs) with a complete suite of recurring payment options with a single integration,” Sheetal Lalwani, co-founder and COO of Juspay, said.
Source: Economic Times