The loyalty management platform PoshVine has been purchased by Razorpay, a provider of digital payments and financial services, for an undisclosed fee.
This is the sixth acquisition made by Razorpay altogether and its fourth this year.
The acquisition follows its $200 million purchase of offline point-of-sale (PoS) company Ezetap in August, which is anticipated to catapult it into the loyalty and rewards management industry.
The 36-person PoshVine team will work with Razorpay to run its loyalty and rewards vertical as part of the agreement.
Through additional merchant incentives, Razorpay is anticipated to assist banks in boosting client retention for their credit services as a result of the acquisition.
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