Zaggle wins $20 million deal from Visa

Under the deal, Visa plans to further their alliance in support of the issuance of Forex co-brand cards.

Fintech firm Zaggle has bagged a $20 million (about Rs 166 crore) deal from Visa to issue various forex co-brand cards, according to a BSE filing.

The contract is spread over a period of five years, Zaggle Prepaid Ocean Service said in the filing. "Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into a growth agreement with Visa Worldwide Pte. Limited (Visa). The deal size is approximately 20 million dollars in the next 5 years," the filing said. Zaggle provides spend management solutions to enterprises. Under the deal, Visa plans to further their alliance in support of the issuance of Forex co-brand cards.

"Visa will pay the Launch Bonus for supporting the Launch of Forex Cobrand Cards. Visa will also pay incentives on Forex transactions basis spend commitments detailed in the agreement," the filing said. Zaggle said that with this collaboration, it can leverage its existing corporate base to sell forex cards to employees of the corporate client that can be coupled with Zaggle expense management solution.