Investment by Zaggle in Unobanc: Expanding Financial Services

Investment by Zaggle, a spend management and SaaS-led fintech platform, has reached up to Rs 7.96 crore, split into one or more tranches, in Unobanc, a tech-focused company specialising in cross border payments and remittances. Following this investment, Zaggle will possess up to a 19.9% equity stake in Unobanc.

This strategic investment aligns with Zaggle’s plan to broaden its payments ecosystem and enhance its influence across various segments of financial services. It is anticipated to improve the company’s proficiency in cross border payments, foreign exchange, remittances, and international financial solutions catering to both enterprise and retail clients.

Unobanc offers the technological framework essential for digital cross border payments and remittances. The company has also obtained preliminary approval from the RBI for an Authorised Dealer Category II (AD II) licence, broadening its capacity to provide digital cross border payment and foreign exchange solutions. Additionally, it possesses a Fully Fledged Money Changer (FFMC) licence, facilitating comprehensive digital foreign exchange and remittance services.

Zaggle emphasises that this investment not only enhances its payments ecosystem but also opens doors for integrating international payment features with its current offerings, including corporate spend management, prepaid cards, foreign exchange solutions, employee benefits, and consumer financial services.

Furthermore, the investment aligns with Zaggle’s strategy of creating a cohesive financial services platform by merging spend management, payments, rewards, foreign exchange, and cross border capabilities into a consolidated technological ecosystem.