India, July 29 -- Fintech SaaS major Zaggle is acquiring fintech startup Rio.Money for INR 22 Cr to enter the consumer credit card market.

In an exchange filing, Zaggle said it has signed a non-binding agreement to acquire a 100% stake in Rivpe Technology Pvt Ltd (Rio.Money).

"The acquisition not only expands our product offerings for existing users and customer base, it also adds a deep expertise on the UPI and facilitates our entry into the consumer credit card market," Zaggle said.

Founded in 2023 by Navi's founding team member Riya Bhattacharya and angel investor Vivek Amarnani, Rio.Money offers UPI payments and co-branded credit cards. The startup promotes UPI transactions via credit cards.

It issues RuPay cards in partnership wi...