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 presence. The deal will help Zaggle diversify its fintech portfolio and strengthen product offerings in both UPI and credit cards. According to the company, the acquisition will leverage Rio.Money’s capabilities to target a wider consumer base and tap into the growing digital payments and credit markets in India.

Rio.Money posted a turnover of just Rs 13 lakh for FY24.

The move comes at a time when fintech deals are heating up, with larger players hunting for smaller startups to bolster their technology stack and gain a strategic edge in high-growth verticals like UPI and digital credit cards.

This is the fifth acquisition for Zaggle in 2025. Last month, it acquired a 100% stake in Dice and GreenEdge Enterprises for Rs 150 crore. Earlier this year, the firm announced the acquisition of a 51% controlling stake in EffiaSoft and a 38.34% stake in Mobileware Technologies.