Tech
Zaggle to acquire digital banking platform Rio Money for Rs 22 crore
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Zaggle Prepaid Ocean Services Limited, one of India’s leading spend management companies, is set to acquire a 100% stake in fintech startup Rio Money for Rs 22 crore. With this acquisition, Zaggle plans to foray into the consumer credit card space via UPI.
Founded in 2023 by Riya Bhattacharya and Vivek Amarnani, Rio Money is a fintech company offering equated monthly instalments (EMIs) through credit payments on QR codes via UPI. This service is enabled through the co-branded Yes Bank-Rio RuPay Credit Card, launched in partnership with Yes Bank and…
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