Online Payments Solutions provider Citrus Pay acquires Zwitch, Banglore based Developer payments platform, for an undisclosed amount. Citrus Pay recently has been in news for raising funding of $25 Mn from Sequoia Capital and Ascent Capital. Just after two days of getting the funding, this is the first acquisition by Citrus Pay.
Zwitch’s 10 member team will be joining Citrus Pay as part of this deal and the team will be relocating from Banglore to Mumbai. Co-founders of Zwitch, Anish Achuthan and Mabel Chacko will be playing major roles in Citrus’ key initiative departments.
Zwitch was founded in 2013 and are a strong team of alumnis of premier educational institutions like Indian Institute of Management, Bangalore and University of Wales, and companies like Asianet, PayU and Onmobile. Zwitch focuses on simplifing payments so that developers can build great products without worrying about payment checkout experience or complaince. Zwitch provides ios and Android SDKs, Zwitch.js, Zwitch Vault, Zwitch Sandbox, Zwitch Checkout, Zwitch Buttn, Zwitch Invoiz etc. helping developers integrate the module for accepting online and mobile payments in the apps instantly and hassle free.
Citrus Pay intents to be leaders in social payments and social marketing segment. Clientele of Citrus Payment Gateway includes Indigo, Go Air and Amazon India and other big names. By the end of financial year Citrus Pay is expected to touch $4 Bn GHV with revenue of around $26 Mn to $30 Mn.