Payments know-how platform Juspay Technologies Pvt Ltd mentioned Tuesday it has acquired Y Combinator-backed LotusPay to strengthen its banking, monetary providers and insurance coverage (BFSI) phase. 

The Bengaluru-based agency acquired LotusPay in an all-cash deal. The monetary particulars of the transaction, nonetheless, weren’t disclosed.  

Founded in 2016 by Atma Krishna, LotusPay supplies cloud-based software program for retailers and banks. LotusPay’s purchasers embrace HDB Financial Services, InCred Finance and IIFL Samasta Finance. The startup additionally works with know-how corporations, together with StashFin, Pine Labs and Kissht.  

In 2023, LotusPay claims to have processed round 20 million transactions. 

Juspay will combine LotusPay’s National Automated Clearing House (NACH) options into Juspay’s HyperCheckout and Express Checkout merchandise and proceed providing it as a standalone service.  

“LotusPay’s NACH solutions add strength to our existing recurring payment offerings,” said Sheetal Lalwani, co-founder and chief operating officer, Juspay.  “We can now serve our enterprise clients (banks, merchants, NBFCs) with a suite of recurring payment options with a single integration.” 

Founded in 2012, Juspay supplies cost options and works with corporations throughout sectors corresponding to BFSI, e-commerce, fast commerce and journey. 

In 2021, Juspay raised $60 million in its Series C funding spherical led by SoftBank Vision Fund 2. The spherical additionally noticed participation from current traders, Sweden’s Vostok Emerging Finance (VEF) and Wellington Management.  

Before that, the startup had raised $21.6 million in its Series B funding spherical. The spherical was led by VEF, which invested $13 million, and noticed participation from Boston-based Wellington Management and world enterprise capital agency Accel.