Listed fintech SaaS player Zaggle is stepping on the gas with a fresh bet on consumer-facing payments and credit.

The company has announced that it will invest INR 75 Cr in Bengaluru-based fintech startup Rivpe Technology, which operates under the brand Rio.Money, after acquiring the startup in a cash-and-equity deal.

This move comes as Zaggle looks to deepen its play in UPI payments, co-branded credit cards and consumer credit—areas that nicely complement its core B2B spend and rewards stack.

Deal Snapshot: How Zaggle Is Acquiring Rio.Money

According to Zaggle’s exchange filing, its board has approved a proposal to buy 100% of Rivpe Technology (Rio.Money) via a mix of equity and compulsorily convertible preference shares (CCPS).

Key details:

• Purchase consideration: Up to INR 22 Cr

• Instruments:

  • 81,429 equity shares & 16,407 CCPS

• Stake: Represents 100% of Rivpe’s fully diluted shareholding

• Timeline: The deal is expected to close within 120 days, subject to customary conditions

Post-acquisition, Zaggle plans to infuse an additional INR 75 Cr into Rio.Money, giving the startup capital to scale its product, expand distribution and deepen its technology stack.

Zaggle has positioned the deal as both capability acquisition and product expansion.

The acquisition, the company says, is designed to expand its offerings for existing customers while adding deep expertise in UPI and giving it a sharper entry into the consumer credit card market.

Who Is Rio.Money & What Do They Do?

Rio.Money, operated by Rivpe Technology, is a young fintech startup founded in July 2023 by Riya Bhattacharyaand Vivek Amarnani.

The company focuses on:

• UPI-based digital payments

• Co-branded credit cards, built in partnership with financial institutions

While still early-stage, Rio.Money has been building in some of the fastest-growing segments of Indian fintech—UPI rails and consumer credit.

On the financial side:

• FY24 turnover: ~INR 13 Lakh

• FY25 turnover: ~INR 98 Lakh

The jump in revenue, though on a small base, suggests early traction in its payments and card offerings.

With fresh capital from Zaggle and access to a large enterprise and SME customer base, Rio.Money now has an opportunity to scale far beyond a typical seed-stage fintech.

Why Zaggle Wants Rio.Money In Its Stack

Zaggle has traditionally been known for its B2B SaaS fintech solutions around:

• Expense and spend management

• Corporate cards & payments

• Employee rewards, incentives and benefits

Its product suite includes platforms such as:

• Zaggle Save – for managing expenses and rewards

• Zaggle EMS – end-to-end expense management

• Zaggle Propel – employee rewards, incentives and engagement

By acquiring Rio.Money, Zaggle gets:

1. UPI DNA
   Instead of building UPI flows and consumer payment infrastructure entirely in-house, Zaggle can plug into a team already specialised in this area.

2. Consumer Credit & Co-Branded Cards
   Rio.Money’s co-branded card capabilities give Zaggle a faster route into consumer-facing credit products, which can be cross-sold to employees and users already on its corporate platforms.

3. Fuller Payments Stack For Enterprises
   Enterprises using Zaggle for reimbursements, spends and rewards can potentially tap a single integrated offeringthat spans:

   • Corporate cards

   • UPI-based payments

   • Employee or customer-facing co-branded credit cards

4. Alignment With M&A-led Growth Strategy
   This acquisition fits neatly into Zaggle’s publicly stated strategy of using targeted acquisitions to enhance its technology and product portfolio.

Over the last year, Zaggle has already increased its stake in Span IT Solutions and acquired digital payments firm Mobileware Technologies, adding more depth to its payments and integration capabilities.

Rio.Money becomes another building block in this broader “fintech rails + SaaS layer” thesis.

A Look At Zaggle’s Own Growth Story

Founded in 2011 by Raj Narayanam, Zaggle has evolved into a listed B2B SaaS fintech that builds tools for payments, expense management and employee benefits.

Recent numbers underline why the company is in a position to pursue aggressive acquisitions:

• Net profit (Q2 FY26):

  • INR 35 Cr

  • Up 72% YoY and 34% QoQ

• Operating revenue (Q2 FY26):

  • INR 432.2 Cr

  • Up 42% YoY and 30% QoQ

On the markets side:

• Zaggle’s stock closed at INR 366 on the BSE on the day of the announcement, up 0.1% in that session but down ~33% on a YTD basis, indicating that the company is still working to convince public-market investors of its long-term fintech SaaS thesis.

By adding new growth engines like Rio.Money, Zaggle is signalling that it’s not content being just an expense and rewards platform — it wants to be a full-stack fintech infrastructure provider spanning UPI, cards, credit and SaaS.

What This Means For The Indian Fintech Landscape

A few broader takeaways from the deal:

1. The Rise Of “SaaS + Fintech” Hybrids

Zaggle is a textbook example of the growing class of companies that sit at the intersection of:

• SaaS (software-as-a-service) – recurring revenue from enterprise platforms

• Fintech rails – payments, cards, UPI, credit

These hybrids are increasingly using acquisitions of nimble fintech startups to fill capability gaps quickly.

2. UPI Remains Central To Product Strategy

Even as UPI has become ubiquitous, it’s still a critical differentiator when woven into workflows and SaaS platforms.

Zaggle’s bet on a UPI-and-cards-focused startup like Rio.Money shows that UPI is no longer just about P2P or merchant payments—it’s becoming a core layer in enterprise and B2B2C experiences.

3. Young Startups Can Exit Early—If The Strategic Fit Is Strong

Rio.Money is barely a couple of years old and has modest revenues, but:

• It operates in a strategically important segment

• It brings a focused, specialised team

• It plugs directly into Zaggle’s roadmap

This is a useful signal to early-stage founders: you don’t always need massive scale to be acquired; you need sharp strategic relevance.

What To Watch Next

As the deal closes over the coming months, a few things will be interesting to track:

• How quickly Rio.Money’s capabilities appear inside Zaggle’s products

• Whether the INR 75 Cr infusion accelerates new card launches, UPI innovations or co-branded programs

• How Zaggle positions itself: as a B2B-only player, or increasingly as a bridge between enterprises and consumers through credit and payments

For now, the message is clear:

Zaggle isn’t just fine-tuning its SaaS stack – it’s quietly stitching together a full-spectrum fintech platform, and Rio.Money is its latest, very UPI-flavoured piece of that puzzle.