Razorpay acquires PoshVine
By MYBRANDBOOK
Fintech startup Razorpay has bought customer loyalty and rewards management platform PoshVine in an undisclosed amount. The acquisition of PoshVine would enable Razorpay to encourage more interaction between merchants, banks, and consumers by driving additional channels for rewards and driving additional spending digitally.
Post the closure of the transaction, the entire team of PoshVine, including its co-founders, would join Razorpay. PoshVine offers payments-linked loyalty and engagement solutions to banks, payment networks, and businesses.
Shashank Kumar, Managing Director and Co-Founder of Razorpay, said, “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.”
PoshVine has worked 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.
Richik Nandi, Co-Founder and CEO of PoshVine, said, “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.”
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