Fintech firm Zaggle acquires Rio Money for Rs 22 crore; plans to invest Rs 75 crore post-acquisition

Fintech firm Zaggle, which offers spend management services, has acquired Rivpe Technology Private Limited (Rio.Money), a digital banking platform offering UPI-based payment solutions for Rs 22 crore, the company said in a stock exchange filing on Thursday.

Additionally, the Hyderabad-based fintech plans to invest Rs 75 crore in Rio.Money over multiple tranches to strengthen its product and improve its customer offerings. Through the acquisition, Zaggle, which offers expense management systems to corporations, will be able to issue RuPay-powered…