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Fintech SaaS major Zaggle is acquiring fintech startup Rio.Money for INR 22 Cr to enter the consumer credit card market.
In an exchange filing, Zaggle said it has signed a non-binding agreement to acquire a 100% stake in Rivpe Technology Pvt Ltd (Rio.Money).
“The acquisition not only expands our product offerings for existing users and customer base, it also adds a deep expertise on the UPI and facilitates our entry into the consumer credit card market,” Zaggle said.
Founded in 2023 by Navi’s founding team member Riya Bhattacharya and angel investor Vivek Amarnani, Rio.Money offers UPI payments and co-branded credit cards. The startup promotes UPI transactions via credit cards.
It issues RuPay cards in partnership with Yes Bank. The card has no joining or annual fee, offers credit up to INR 5 Lakh, and offers cashback via Rio Coins.
While Zaggle didn’t provide the startup’s FY25 numbers, it said Rio.Money had a turnover of INR 13 Lakh in FY24.
Zaggle said the acquisition will help it grow faster in the consumer payments space. The company also plans to build on its long-term relationship with Yes Bank.
(The story will be updated soon)
The post Zaggle To Acquire Rio.Money To Enter Consumer Credit Card Market appeared first on Inc42 Media.
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