Stake sale · Financial Services
Zaggle buys 19.9% stake in Unobanc
By Startup Enthusiast ·
- Date
- Company
- Zaggle
- What it does
- Spend management and fintech platform
- Kind
- Stake sale
- Amount
- ₹7.96 Cr
- Founded
- 2011
- Sector
- Financial Services
What they do
Zaggle is a listed spend management and SaaS fintech platform
What happened
It acquires a 19.9% stake in Unobanc for up to ₹7.96 crore
Why it matters
The deal adds cross-border payment and forex capabilities to Zaggle's portfolio
The details
- Zaggle is acquiring a 19.9% stake in Unobanc.
- The investment is worth up to ₹7.96 crore, paid in one or more tranches.
- Unobanc is a technology-driven cross-border payments and remittances company.
- It owns the moneyHOP brand.
- Unobanc holds an in-principle RBI approval for an Authorised Dealer Category II (AD II) licence.
- It also holds a Fully Fledged Money Changer (FFMC) licence for digital forex and remittance services.
- Zaggle plans to use this investment to enhance its cross-border payment, forex, and remittance offerings.
The bigger picture
- Zaggle wants to integrate international payment capabilities with its existing corporate spend management and prepaid card products.
- The investment supports Zaggle's strategy of building an integrated financial services platform.
- This move adds forex and cross-border capabilities to Zaggle's portfolio of employee benefits and consumer financial services.
About the business
- Zaggle is a spend management and SaaS-led fintech platform.
- It is listed as Zaggle Prepaid Ocean Services Limited.
- The company offers corporate spend management, prepaid cards, forex solutions, employee benefits, and consumer financial services.
- Unobanc provides technology infrastructure for digital cross-border payments and remittances.
- Unobanc operates under the moneyHOP brand.
- Unobanc holds regulatory licences including AD II and FFMC for forex and remittance services.
What happens next
- Zaggle will enhance its capabilities in cross-border payments, forex, and remittances.
- It will integrate international payment capabilities with its existing portfolio of corporate spend management, prepaid cards, forex solutions, employee benefits, and consumer financial services.
- The investment supports Zaggle's strategy of building an integrated financial services platform.
The deal
- Type
- stake-sale
Founders
- Raj P. Narayanam, Founder and Executive Chairman
About Zaggle
- Product
- Digital expense management and spend management SaaS platform
- Customers
- Mid to large enterprises managing corporate spending
- How it makes money
- SaaS subscription-based software solution
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