19.9 percent stake in cross-border payments and remittances company Unobanc acquired by Zaggle
Spend management and SaaS powered fintech platform Zaggle has invested up to Rs 7.96 crore, in one or more tranches, in Unobanc, a technology driven cross border payments and remittances startup.
Upon completion of the planned transaction, Zaggle will hold up to a 19.9% equity share in Unobanc.
The investment is in line with Zaggle’s objective to extend its payments ecosystem and improve its position across financial services industries. It is also intended to strengthen the company’s capabilities in cross border payments, currency, remittances, and international financial solutions for enterprise and retail consumers.
Unobanc provides technology infrastructure for digital cross border payments and remittances. The company has got in principle approval from the RBI for an Authorised Dealer Category II (AD II) licence, which would increase its capabilities to offer digital cross border payment and currency solutions. It also holds a Fully Fledged Money Changer (FFMC) licence, providing end to end digital foreign exchange and remittance services.
According to Zaggle, the investment complements its payments ecosystem and enables chances to combine foreign payment capabilities with its existing portfolio of corporate spend management, prepaid cards, FX solutions, employee benefits, and consumer financial services.
The investment also supports Zaggle’s aim of establishing an integrated financial services platform by combining spend management, payments, rewards, FX, and cross border capabilities into a cohesive technology ecosystem.
