Zaggle acquires Rivpe Technology, owner of Rio Money

By Vriti Gothi

Spend-management focused FinTech Zaggle has signed definitive agreements to acquire Rivpe Technology, the parent company of consumer payments startup Rio Money, marking the company’s latest expansion into the retail FinTech segment.

The transaction, first signalled in July, involves a full purchase of equity and preference shares and will result in Zaggle owning 100% of Rio Money’s issued and paid-up capital, subject to the signing of final agreements. Zaggle said it plans to invest up to ₹75 crore in Rio Money in multiple tranches to support product development, technology upgrades, market expansion and enhancement of consumer payment offerings.

Founded in 2023 by Riya Bhattacharya and Vivek Amarnani, Rio Money operates at the intersection of UPI-based credit payments and co-branded card issuance. Its platform enables credit access through UPI transactions, including QR-based payments, and offers RuPay co-branded cards. The startup is backed by investors including Blume Ventures and Village Global.

The acquisition signals Zaggle’s broader strategy to deepen its consumer-facing capabilities. The company, traditionally focused on business spend automation, corporate rewards and prepaid solutions, has been extending into adjacent product categories. The Rio Money deal follows its acquisition of loyalty solutions firm Greenedge in September, reflecting continued consolidation in its portfolio aimed at enhancing digital engagement and payments offerings.

Founded in 2011, Hyderabad-based Zaggle provides SaaS-enabled expense and payment automation services for enterprises, including prepaid cards, reward management and employee benefits platforms. As of September 30, 2025, the company reports issuance of more than 50 million prepaid cards and a user base of about 3.5 million across sectors such as banking, technology, healthcare, manufacturing and FMCG.

The addition of Rio Money is expected to bring deeper capabilities in credit-led consumer payments at a time when demand for embedded credit and UPI-linked lending structures is growing. The move also positions Zaggle to compete more directly in a rapidly expanding segment where digital players are seeking new routes to credit distribution and merchant transaction growth.