Zaggle acquires Bengaluru fintech startup Rio.Money for Rs 22 Crore

Employees’ expense management company Zaggle is set to acquire a 100% stake in fintech startup Rio Money for Rs 22 crore.

With this acquisition, Zaggle aims to enter the consumer credit card market through UPI integration.

Founded in 2023 by Riya Bhattacharya and Vivek Amarnani, Rio Money is a fintech company that lets users pay through EMIs on QR codes using UPI. This is made possible with the co-branded Yes Bank-Rio RuPay Credit Card, launched in November 2024 in partnership with Yes Bank and NPCI.

“This acquisition also strengthens our decade-long, successful partnership with Yes Bank, enabling us to drive innovation not only in corporate spend management but now also in the consumer credit card segment,” said Raj P Narayanam, founder of Zaggle.

"Now, with this acquisition, we will be able to tap into that customer base and offer them a full-fledged digital experience with a retail credit card linked to UPI," Avinash Godkhindi, CEO of Zaggle.

“We’re excited to join hands with Zaggle, a powerhouse in spend management. This acquisition supercharges our mission to make credit effortlessly accessible through UPI. 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,” said Riya Bhattacharya, CEO of Rio Money.

The move comes amid a surge in fintech deals, as bigger players look to acquire smaller startups to strengthen their tech capabilities and expand in fast-growing areas like UPI and digital credit cards.

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This marks Zaggle’s fifth acquisition in 2025. Last month, it bought 100% of Dice and GreenEdge Enterprises for ₹150 crore. Earlier, it picked up a 51% stake in EffiaSoft and 38.34% in Mobileware Technologies.