Payments infrastructure company Juspay on Tuesday announced the acquisition of LotusPay in an all-cash deal. The financial details were not disclosed.
Juspay provides payments solutions for leading companies in various sectors such as banking, financial services and insurance (BFSI), e-commerce, travel, fintech and airlines, etc.
The acquisition, said the company, will strengthen its offerings to the BFSI segment and merchants, with a particular focus on enhancing its recurring payment capabilities.
"LotusPay's NACH (national automated clearing house) 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," said Sheetal Lalwani, Co-Founder and Chief Operating Officer of Juspay.
Founded in 2016 by Atma Krishna and backed by Y Combinator, LotusPay is a pioneer in NACH 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, etc.
LotusPay serves India's leading 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 five million mandates, and processed over 20 million transactions, surpassing a total value of Rs 20,000 crore.
"With this partnership, we aim to take LotusPay NACH Debit to even greater heights," said Krishna.
Juspay will integrate LotusPay NACH into Juspay's HyperCheckout and Express Checkout products, and continue offering it as a standalone service.
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