Zaggle acquires Rio Money to expand into digital consumer lending

By Vriti Gothi

Zaggle Prepaid Ocean Services Ltd. has acquired 100% equity in FinTech startup Rio Money (Rivpe Technology Pvt Ltd) for $2.5 million in an all-cash deal, marking a strategic expansion into India’s growing consumer digital credit space.

The acquisition enables Zaggle to broaden its product portfolio beyond corporate spend management into B2C credit offerings, particularly those built on interoperable, digital-first platforms. With this move, the company aims to capitalise on the convergence of UPI-based payments and consumer credit, aligning with broader market shifts toward seamless, mobile-led financial experiences.

Founded in 2023 by Riya Bhattacharya and Vivek Amarnani, Rio Money operates a digital banking platform designed to simplify credit access via UPI. Its flagship product, the co-branded Yes Bank Rio RuPay Credit Card, launched in partnership with NPCI, enables users to scan QR codes and convert purchases into equated monthly instalments (EMIs) directly through UPI. The platform blends instant payments with embedded credit, positioning itself as a next-gen retail credit solution for India’s mobile-first population.

The deal follows Zaggle’s $68 million fundraising via Qualified Institutional Placement (QIP) earlier this year, and underscores the company’s intent to deploy capital into high-growth adjacencies. Rio Money’s technology stack and consumer-facing proposition will allow Zaggle to address a broader segment of retail customers while leveraging existing synergies with long-time banking partner Yes Bank.

The acquisition reflects Zaggle’s forward-looking strategy of integrating embedded finance, digital payments, and customer-centric credit access into a unified ecosystem. By acquiring Rio Money, Zaggle gains a scalable, UPI-native credit infrastructure at a time when the National Payments Corporation of India (NPCI) and ecosystem partners are actively pushing for greater adoption of credit on UPI.

With this acquisition, Zaggle positions itself at the intersection of enterprise expense automation and consumer finance, reinforcing its ambition to become a comprehensive, tech-forward financial services platform. As UPI continues to evolve from a peer-to-peer payments system into a powerful credit distribution network, the Zaggle–Rio Money integration offers a blueprint for the future of inclusive, embedded banking in India.

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