LotusPay acquired by SoftBank-backed payments infrastructure provider Juspay
In an all-cash transaction, payments infrastructure provider Juspay purchased LotusPay.
Leading businesses in a variety of industries, including BFSI, e-commerce, travel, fintech, and airlines, rely on Juspay for payment solutions.
According to a press release from the company, this acquisition expands Juspay’s offerings to merchants and the BFSI segment, with an emphasis on improving its recurring payment capabilities.
With support from Y Combinator, LotusPay was founded in 2016 by Atma Krishna and offers cloud-based software for banks and retailers. Banks, financial institutions, and retailers can collect recurring payments for loans, investments, insurance premiums, subscriptions, and more with NACH Debit, which is powered by the NPCI (National Payments Corporation of India).
Banks, NBFCs like HDB Financial Services, InCred Finance, and IIFL Samasta Finance, as well as tech startups like StashFin, Pine Labs, and Kissht are all served by LotusPay.
According to LotusPay, in 2023, it processed over 20 million transactions and registered over 5 million mandates, exceeding a total value of Rs 20,000 crore.
LotusPay NACH will remain available as a stand-alone service and be integrated into Juspay’s HyperCheckout and Express Checkout products. The company, funded by SoftBank, handles more than 100 million transactions every day, with an annualized total value of $500 billion TPV.
