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HomeMarket NewsStocks NewsZaggle Prepaid Ocean Services enters five-year referral agreement with Mastercard Asia Pacific
Under the agreement, Zaggle will offer Mastercard credit cards and other solutions to its customers and prospects. As part of the arrangement, the company will receive additional spend-linked incentives. Shares of Zaggle Prepaid Ocean Services Ltd ended at ₹347.80, up by ₹8.50, or 2.51%, on the BSE.
SaaS fintech platform Zaggle Prepaid Ocean Services Ltd on Tuesday (December 9) said it has entered into an agreement with Mastercard Asia/ Pacific Pte Ltd.
Under the agreement, Zaggle will offer Mastercard credit cards and other solutions to its customers and prospects. As part of the arrangement, the company will receive additional spend-linked incentives.
The agreement has been classified as a referral agreement. Mastercard Asia/ Pacific Pte Ltd, which has awarded the contract, is an international entity. The agreement is valid for a period of five years.
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Last week, Zaggle Prepaid Ocean Services approved the acquisition of Rivpe Technology Pvt Ltd for a consideration of up to ₹22 crore. The transaction covers the purchase of 81,429 equity shares and 16,407 compulsorily convertible preference shares, representing 100% of Rivpe’s fully diluted shareholding. Upon completion, Rivpe will become a wholly owned subsidiary of Zaggle.
In addition to the acquisition, the board approved an investment of up to ₹75 crore in Rivpe, to be deployed in one or more tranches. Zaggle said the deal will broaden its product suite for existing users and expand its presence in the fintech ecosystem by adding expertise in UPI payments and enabling entry into the consumer credit card segment.
Rivpe, incorporated in July 2023, reported revenue of ₹0.98 crore in FY25. The company operates solely in India and focuses on digital payments and co-branded credit offerings. The acquisition does not fall under related-party transactions and requires no regulatory approvals. Zaggle expects the transaction to be completed within 120 days, subject to execution of the share purchase agreement.
Also Read: Zaggle targets $1 billion revenue within 5-7 years, says CEO Avinash Godkhindi
Shares of Zaggle Prepaid Ocean Services Ltd ended at ₹347.80, up by ₹8.50, or 2.51%, on the BSE.
