Mumbai: Zaggle Prepaid Ocean Services Ltd has acquired 100% stake in fintech startup Rio Money for Rs 22 crore, marking its formal entry into the consumer credit card market via UPI. The deal, approved by the company’s board, is part of Zaggle’s strategy to expand its presence beyond corporate spend management and into consumer fintech.
Zaggle, which operates in the commercial card and corporate expense management space, will now integrate Rio Money’s credit-on-UPI offering with its existing ecosystem. Founded in 2023, Rio Money developed a UPI-integrated credit card product in collaboration with Yes Bank and NPCI. The product allows users to make UPI payments through a RuPay credit card, enabling them to use credit instead of direct bank debits across merchant platforms.
The acquisition gives Zaggle immediate access to this capability, positioning it to leverage consumer payments through its existing base of 3,400+ corporate clients and 3.2 million users. This acquisition is part of the company’s broader capital deployment strategy following its Rs 595 crore QIP fundraising round. The company has indicated that it will use the funds to pursue acquisitions that are either product-enhancing, revenue-accretive, or geographically strategic.
Zaggle’s leadership views this deal as aligned with that goal, potentially opening new growth and monetisation channels in the expanding digital credit space. The company plans to scale the Rio Money product using its corporate networks and partnerships.
The UPI-based credit card market has seen traction in recent quarters following regulatory and banking sector alignment. Zaggle’s entry through acquisition reflects a broader trend of fintech players diversifying offerings to capture consumer wallet share in the UPI ecosystem.
