Zaggle Prepaid Ocean Services Limited has completed a 100 per cent acquisition of fintech startup Rio Money for ₹22 crore, marking the spend management company’s entry into the consumer credit card segment.
The acquisition brings Rio Money’s UPI-integrated credit platform to Zaggle’s network of 3,400+ corporate customers and 3.2 million users. Rio Money, founded in 2023, operates a co-branded credit card with Yes Bank that enables credit-based UPI transactions at over 100 million merchant locations across India.
The Yes Bank Rio RuPay Credit Card offers zero joining and annual fees, credit limits up to ₹5 lakh, and includes cashback rewards and airport lounge access. Rio Money launched the card in partnership with Yes Bank and NPCI in November 2024.
Dr. Raj P. Narayanam, Zaggle’s Founder and Executive Chairman, described the move as entry into “the rapidly evolving consumer fintech space.” Rio Money CEO Riya Bhattacharya said the acquisition would help scale their credit solutions to millions more users.
The deal forms part of Zaggle’s strategy to deploy funds from its ₹595 crore Qualified Institutional Placement toward acquisitions that drive growth. The company targets $1 billion revenue within five to seven years.
Zaggle, founded in 2011, has issued over 50 million prepaid cards and serves corporate clients across banking, technology, healthcare, and manufacturing sectors.
Published on July 29, 2025