Zaggle Prepaid Ocean Services Limited, a B2B SaaS FinTech firm, has announced the acquisition of a 26 percent stake in Mobileware Technologies Private Limited for ₹ 15.6 crore.
This investment aims to enhance Zaggle’s capabilities in the FinTech space, particularly in embedded payment solutions.
Mobileware, which is a prominent player in India’s digital payments ecosystem, empowers banks, financial services, NBFCs, and all financial institutions with their extensive suite of products, encompassing NPCI Switches, APIs, and their flagship platform - TransXT (also known as ‘Bank In A Box’!).
Mobileware currently provides its payment infrastructure to more than 80 Banks and 20 FinTech companies. Since 2022, the company has received multiple certifications from the National Payments Corporation of India (NPCI), underscoring its strong partnership with NPCI and its commitment to innovation in the BFSI sector.
The acquisition will enable Zaggle to leverage Mobileware’s expertise and infrastructure to enhance its payment offerings.
Mobileware’s UPI switch solutions, available both on-premises and in the cloud, will empower Zaggle to develop and co-create new use cases for clients, including solutions for lending, credit, and card management services.
This collaboration will strengthen Zaggle’s ability to deliver cutting-edge embedded payment experiences to its clientele.
“This strategic investment will not only strengthen our offerings but also create new opportunities to co-develop advanced solutions that place payments at the core of our clients’ business needs”, said Raj Narayanam, Founder & Executive Chairman, Zaggle Prepaid Ocean Services Limited.
“Mobileware has been a leader in driving innovation in digital payments in India. Their expertise in building robust payment infrastructure, particularly in UPI and other NPCI-certified solutions, aligns perfectly with our vision of delivering seamless and integrated payment experiences. We look forward to closely collaborating with the Mobileware team to accelerate our growth in the digital payments and spend management space”
Satyajit Kanekar Co-Founder & CEO, Mobileware, said “Our collaboration with Zaggle marks a significant milestone in the journey of both brands. As the industry evolves, customers increasingly seek integrated and holistic solutions, particularly in the BFSI sector.
Zaggle’s strategic vision aligns perfectly with our goal of transforming the digital payments landscape. Together, we will leverage our combined strengths to deliver enhanced, secure, and more integrated payment experiences for our diverse clientele”.