• Zaggle completes 100% acquisition of fintech startup Rio Money
• Plans to invest up to Rs 75 crore for technology, products, and market expansion
• Acquisition strengthens Zaggle’s consumer payments strategy and fintech presence

Zaggle, a Hyderabad-based fintech company specializing in spend management and SaaS solutions, has announced the complete acquisition of Rio Money, a startup focused on consumer credit cards and UPI-based payments. The move marks a key milestone in Zaggle’s strategy to expand its consumer payments offerings.

Under the deal, Zaggle will acquire all equity and preference shares of Rio Money through a cash transaction, subject to the signing of the Share Purchase Agreement. The company also plans to invest up to Rs 75 crore in one or more tranches to enhance products, advance technology, drive go-to-market initiatives, and broaden its consumer payment solutions.

Rio Money, co-founded in 2023 by Riya Bhattacharya and Vivek Amarnani, provides credit through UPI QR codes and co-branded Rupay credit cards. The startup has backing from investors like Blume Ventures and Village Global. This acquisition follows Zaggle’s September 2025 purchase of Greenedge, a company specializing in loyalty experiences and rewards.

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Founded in 2011 by Raj N Phani Narayanam, Zaggle offers a range of SaaS products that digitize corporate spend management. Its solutions include expense automation, prepaid cards, digital rewards, and employee benefits management. The platform serves over 3.5 million users and has issued more than 50 million prepaid cards across industries such as banking, healthcare, technology, FMCG, manufacturing, infrastructure, and automobiles.

With the acquisition of Rio Money, Zaggle is poised to strengthen its foothold in India’s rapidly evolving fintech ecosystem and further accelerate its consumer payments strategy.