Team Startupcity

• Zaggle acquires Rio.Money for  Rs 22 Cr in all-cash deal
• Strengthens UPI-based credit offerings & retail expansion
• Zaggle’s 5th acquisition in 2025 amid aggressive fintech push 

Zaggle, which is a top player in employee expense management, is acquiring Bengaluru fintech startup Rivpe Technology Pvt. Ltd., which is well-known by the name of Rio.Money, in an all-cash transaction worth  Rs 22 crore (around $2.5 million). Regulatory filings establish that 100% equity and voting rights are being acquired.

Rio.Money was established only a year ago, in July 2023, and is already operating in the UPI and consumer credit card businesses two high-growth verticals that Zaggle wants to double down on. Although with a low turnover of  Rs 13 lakh in FY24, the startup has strategic technology expertise in UPI-credit integration that aligns with Zaggle's retail credit expansion strategy.

Also Read- India Becomes 3rd Highest-Funded Fintech Startup Ecosystem in Q1 2025

This purchase is likely to assist Zaggle in expanding its fintech presence as well as allow Rio.Money to grow in India's fast-expanding digital payments and consumer credit economy.

The acquisition is a part of a broader consolidation drive by Zaggle. This is its fifth deal in 2025. In the last month, the firm acquired Dice and GreenEdge Enterprises for  Rs 150 crore. Earlier this year, it also acquired a 51% holding in EffiaSoft and 38.34% in Mobileware Technologies, adding to its aspirations in the digital payments sector.