New Delhi, July 22(APAC Media): Zaggle Prepaid Ocean Services will invest up to Rs 7.97 crore in fintech company Unobanc as it looks to strengthen its cross-border payments and remittance business.
The company said the investment will be made in one or more cash tranches. After the deal is completed, Zaggle will hold up to 19.9% equity in Unobanc. The transaction is expected to close within 90 days, subject to the signing of final agreements.
The investment comes as demand for digital cross-border payment and foreign exchange services continues to grow among businesses and consumers. Zaggle said the deal will help it expand its cross-border payments, forex and remittance services, while also improving its ability to offer financial services to customers outside India.
Unobanc, incorporated in 2019, provides technology for digital cross-border payments and remittances. It is a wholly owned subsidiary of Hop Financial Solutions. The company holds a Fully Fledged Money Changer (FFMC) licence and has also received in-principle approval from the Reserve Bank of India (RBI) for an Authorised Dealer Category-II (AD-II) licence.
Zaggle said the investment is not a related-party transaction and does not require any government or regulatory approval. The fintech firm has also reported steady business growth. Unobanc’s revenue increased to Rs 17.40 crore in FY25 from Rs 15.63 crore in FY24, while its EBITDA rose sharply to Rs 1.37 crore, reflecting improved operational performance. The investment gives Zaggle access to a growing cross-border payments platform at a time when India’s digital payments and international remittance market continues to expand.
