Zaggle announces 100% acquisition of fintech startup Rio Money

Spend management and SaaS led fintech company Zaggle has entered into definitive agreements for the 100% acquisition of Rivpe Technology, a fintech startup specialising in consumer credit cards and UPI based payment solutions.

The first announcement was made in July this year.

Under the proposed transaction, Zaggle will acquire Rio Money’s equity and preference shares for a cash consideration, resulting in the purchase of the company’s entire issued and paid up share capital on a fully diluted basis, subject to the execution of the Share Purchase Agreement.

Zaggle said in a press statement that it will invest up to Rs 75 crore in Rio Money, in one or more tranches, to support product enhancement, technology advancement, go to market initiatives and the expansion of consumer payment offerings. The company added that this acquisition marks a major step in its consumer payments strategy, enabling it to strengthen its presence in the rapidly evolving fintech ecosystem.

Co-founded in 2023 by Riya Bhattacharya and Vivek Amarnani, Rio Money is a fintech startup specialising in making credit available through UPI based payments. The platform offers credit through QR codes over UPI and co-branded Rupay credit cards, and is backed by investors such as Blume Ventures and Village Global.

This transaction follows Zaggle’s acquisition of Greenedge in September 2025, which specialises in loyalty experiences and rewards, with a focus on golf based corporate engagement.

Founded in 2011 by Raj N Phani Narayanam, Zaggle is a fintech company that provides digital solutions for business spend management, including expense and payments automation, along with rewards and recognition programs. The Hyderabad based company offers a range of SaaS products and services targeting corporate clients to digitise payments and simplify corporate spending workflows. Its services include prepaid cards, digital rewards, and employee benefits management. 

As of September 30, 2025, Zaggle claims to have issued more than 50 million prepaid cards, serving more than 3.5 million users across industries. The platform’s enterprise network spans banking and financial services, technology, healthcare, manufacturing, FMCG, infrastructure and automobiles.