Zaggle acquires fintech startup Rio.Money for Rs 22 Cr

Employees’ expense management company Zaggle is set to acquire fintech startup Rivpe Technology Private Limited, popularly known as Rio.Money, in a cash deal worth Rs 22 crore ($2.5 million).

The proposed acquisition covers 100% equity as well as voting rights, as per regulatory filings.

Rio.Money was incorporated in July 2023 and focuses on UPI payments and consumer credit cards, a segment where Zaggle is looking to deepen its…