Zaggle Takes Strategic 26% Stake in Mobileware Technologies to Boost Payment Solutions

Fintech firm Zaggle Prepaid Ocean Services has acquired a 26% stake in Mobileware Technologies for Rs 15.6 crore. This acquisition is aimed at leveraging Mobileware's UPI switch solutions to enhance Zaggle's payment offerings, including lending, credit, and card management services, and facilitate co-developed solutions.

Fintech firm Zaggle Prepaid Ocean Services announced on Wednesday that it has acquired a 26 percent stake in Mobileware Technologies for Rs 15.6 crore.

This strategic acquisition will allow Zaggle to take advantage of Mobileware's expertise and infrastructure to enhance its payment offerings, according to a company statement.

Zaggle expects Mobileware's UPI switch solutions, which are available both on-premises and in the cloud, to help develop and co-create new use cases for clients, including lending, credit, and card management services.

Raj Narayanam, Zaggle's founder and executive chairman, said the investment is intended to create new opportunities and strengthen the firm's presence in the digital payments and spend management space.

(With inputs from agencies.)