In a move that signals its growing ambitions in consumer fintech, Zaggle has signed definitive agreements to acquire 100% of Rivpe Technology, the parent entity of Rio Money, a young startup specialising in consumer credit cards and UPI-based credit solutions.

The first announcement came earlier in July, but the company has now formalized its intent—paving the way for one of the more strategic fintech acquisitions of the year.

Under the proposed terms, Zaggle will purchase all equity and preference shares of Rio Money for a cash consideration, resulting in a full buyout of the startup’s issued and paid-up share capital, subject to the execution of the Share Purchase Agreement.

Zaggle has also committed to investing up to ₹75 crore into Rio Money, with the capital earmarked for product enhancement, technology upgrades, GTM expansion, and strengthening its consumer payment offerings. For Zaggle, this deal marks a major step in its shift toward a more robust consumer payments strategy, complementing its stronghold in enterprise spend management.

Co-founded in 2023 by Riya Bhattacharya and Vivek Amarnani, Rio Money focuses on making credit accessible through UPI-based payment rails. The platform enables users to spend via QR codes using credit lines, and offers co-branded Rupay credit cards — backed by investors such as Blume Ventures and Village Global.

This acquisition follows Zaggle’s 2025 purchase of Greenedge, a company specialising in loyalty, rewards, and golf-based corporate engagement experiences — showcasing a broader pattern of strategic expansion.

Founded in 2011 by Raj N Phani Narayanam, Zaggle has built a deep presence in the spend management space through its SaaS-led solutions, ranging from expense automation and digital payments to corporate rewards and employee benefits. As of September 30, 2025, the company claims to have issued over 50 million prepaid cards, serving more than 3.5 million users across sectors including BFSI, tech, healthcare, FMCG, infrastructure, and automobiles.

With Rio Money’s technology and consumer credit expertise now becoming part of the Zaggle ecosystem, the company is positioning itself strongly in a rapidly evolving fintech landscape — where digital credit, UPI innovation, and payment flexibility continue to shape the next wave of growth.

-By Muskan Dengra