Razorpay acquires PoshVine to foray into loyalty, rewards space

BENGALURU: Full-stack financial services company Razorpay on Tuesday said it has acquired fintech startup PoshVine to foray into the loyalty and rewards management sector. The company, however, did not disclose the acquisition amount.

PoshVine, which witnessed a three times growth in FY 2022, offers payments-linked loyalty and engagement solutions to banks, payment networks and businesses. Since 2016, PoshVine has been offering its loyalty-as-a-service product to over 20 banks and networks such as SBI Card, HDFC Bank.

With over 7.68 crore credit card holders who spent about Rs 1,13,695 crore through online and PoS payments, there is a growing market for banks and merchants to focus on creating unique personalised purchase experiences for end-customers and increasing customers’ spends.