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 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, IDFC FIRST Bank, AU Bank, DBS, Visa and Amex across India and SEA (South East Asia).

"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," said Shashank Kumar, MD and Co-founder of Razorpay.

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.

PoshVine marks Razorpay's 7th acquisition to date. The entire PoshVine team will join Razorpay.

"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," said Richik Nandi, Co-Founder and CEO of PoshVine.

Razorpay, that has over 8 million businesses on its platform, recently acquired Ezetap, a leading offline POS company, along with fintech startup IZealiant Technologies, among others.

It is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator.