Zaggle Prepaid Ocean Services Ltd on Tuesday said it has acquired 100 per cent stake in fintech firm Rio Money for Rs 22 crore in a strategic move to enter the high-growth consumer credit card segment via UPI.
With this acquisition, Zaggle, a major player in corporate spend management and commercial cards, has forayed into the rapidly expanding retail credit payments market, the company said in a statement.
The acquisition forms part of Zaggle's broader strategy to invest proceeds from its Rs 595 crore QIP towards growth-focused, accretive acquisitions.
Founded in 2023, Rio Money offers a cutting-edge UPI app that seamlessly integrates credit into UPI transactions.
"Rio brings deep expertise in UPI solutions and the consumer credit cards space, with differentiated product offerings. This acquisition also enables us to drive innovation not only in corporate spend management but also in the consumer credit card segment," said Zaggle's Founder & Executive Chairman Raj P Narayanam.
Riya Bhattacharya, Founder and CEO of Rio Money, said, "We're excited to join hands with Zaggle, a powerhouse in spend management. This acquisition supercharges our mission to make credit effortlessly accessible through UPI."
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