Prepaid card fintech Zaggle Prepaid Ocean Services Limited has acquired Rio Money for Rs 22 crore. Through this acquisition, the public-listed company aims to enter the credit card via UPI space.

Founded in 2023, Rio Money offers a UPI app that integrates credit into UPI transactions. This is enabled through the co-branded Yes Bank Rio RuPay Credit Card, launched in partnership with Yes Bank and NPCI in November 2024. According to Tracxn, the startup had raised $1.36 million in funding from Village Global.

Zaggle will leverage Rio Money's network of over 3,400 corporate customers to offer the co-branded Yes Bank Rio RuPay Credit Card to over 3.2 million users. 

According to the company, this strategic offering is designed to drive higher customer loyalty and engagement by providing seamless access to credit-powered UPI payments and exclusive benefits, further strengthening Zaggle’s value proposition in the corporate spend management ecosystem.

“Zaggle’s acquisition of Rio Money marks a strategic milestone, signaling our entry into the rapidly evolving consumer fintech space. Rio brings deep expertise in UPI solutions and the consumer credit cards space, with differentiated product offerings,” said Raj P. Narayanam, founder and executive chairman of Zaggle. “This acquisition also enables us to drive innovation not only in corporate spend management but now also in the consumer credit card segment.”

Rio Money founder and CEO Riya Bhattacharya added, “With Zaggle’s vast reach and deep expertise, we’re set to take our innovative credit solutions to millions more users across India - unlocking exciting new possibilities for digital payments and consumer empowerment.”

The acquisition is part of Zaggle’s deployment of the Rs 595 crore raised through its Qualified Institutional Placement (QIP), aimed at acquiring companies that are product-accretive, geography-accretive, or EBITDA-accretive. 

Through this inorganic growth strategy, Zaggle aims become a $1 billion revenue enterprise within the next five to seven years.