Press Release

Award-winning FinTech start-up Zaggle enters the Neo-Banking space through its group company, ZikZuk

– Launches innovative offerings such as the Founders Card targeting a revenue of Rs 250 cr in the first year

– The Company is looking to reach out to One Lakh SMEs in the next 2- 3 years

Zaggle, a leading FinTech company, has announced its entry into the neo-banking space today. The company has launched the neo-banking initiative through its group company, ZikZuk with the objective of addressing major challenges faced by SMEs. The first product that is being launched is the Founders Card – a credit card for SME owners under its group company ZikZuk. The company is aiming to clock in a revenue of Rs. 250 cr in the first one year of business. As a part of its growth strategy, the company aims to reach out to one lakh SME’s in the next 2 – 3 years. ZikZuk learnt about the challenges faced by Founders to access credit, to meet their business expenses and also manage their working capital. Hence, it will be focused on making easy and timely availability of credit to the SME segment to address their financing and liquidity issues.

The three primary products that will be a part of this initiative to start with include:

o   Founders Card – South Asia’s first business infinite credit card curated for the needs of the SME owners and Founders that takes care of their business expenses and credit requirements.

o   Business Finance Manager – It’s a financial operating system that manages the entire business finance for SMEs including AR/AP management, cash flow management, working capital management, Inventory management etc. and suggests best possible options available to foster growth of the business.

o   Multibank Account Aggregation – Aggregate current and savings accounts of SMEs on one platform to:

  • Check Account Balance
  • Make Fund Transfer (NEFT, IMPS, RTGS)
  • View & Download Account Statements
  • View Recent transactions
  • View Categorization/Segmentation of transactions

Companies today use multiple payment instruments for running their business (Credit, Prepaid, Forex). There is no single platform where all these expenses and disbursements can be seamlessly tracked. The Founders Card is a Single payment instrument which can be used to optimize working capital and digitally manage all the expenses of a SME/Startup.

Commenting on the development, Raj N, Founder of Zaggle said “In order to ensure proper risk management for its portfolio, the company will get directly hooked into the customers accounting system

which will enable continuous risk assessment and monitoring. This credit facility offered by ZikZuk will enable SMEs to streamline their working capital cashflows and is in sync with global developments and offerings in this space.”

The base for lending will be the cashflows of SMEs and the offering will be complementing existing systems.

Speaking about the business opportunity in the neo-banking space, Mr Raj further added, “the market for this offering is very attractive in terms of size and spread with experienced players understanding the SME space operating into it.” The company will begin servicing traders and services businesses through these offerings and will gradually move to manufacturers, while geographically it will first commence with metros and then move on to other towns and cities Pan-India.”

SME owners and founders are always busy in growing their sales and business and want to know the entire financial status of their company and manage cash flows as it’s a critical component for the SME business. Our Business Finance Manager acts as a financial command center for SMEs to manage their business through our platform.

ZikZuk’s multibank account aggregation module will help SME owners and finance teams to use the platform to access multiple bank accounts and perform banking transactions instead of hopping to multiple bank portals.


The parent company (Zaggle) currently works with three banking partners including Yes Bank, RBL Bank and IndusInd Bank and intends to sign up multiple partners for its neo-banking initiative. ZikZuk is looking at cash-flow-based lending and will have strong risk assessment methods and processes in place.

The gross transaction value that the company targets through the Founder Card is around Rs 250 crore in the first year and expects to reach millions in the coming years since it’s Software and Credit Products. The company is looking at reaching out to One Lakh SMEs in the next 2- 3 years.

Zaggle has been funded by eYantra, Ventureast and Argonaut Ventures. Zaggle has been growing exponentially and has grown multi-folds compared to last year. The company turned profitable with 14X growth in Profits in FY 2021.

About Zaggle:


Zaggle is an award-winning FinTech company digitizing spends to unlock value and drive business growth. Zaggle uses Deep Tech and Artificial Intelligence to provide platform solutions to businesses for expense

management & employee reimbursements as well as for rewards & recognition. Additionally, Zaggle is working with a number of banks, other Fintech companies and networks to build a state-of-the-art open banking platform for small & medium size businesses (SMBs).

Zaggle works currently with three banks RBL Bank, IndusInd and YES Bank and works closely with VISA, RuPay and MasterCard Networks to craft these solutions and to constantly innovate to bring value to its users.

The company was founded in 2011 by Raj N, a serial entrepreneur and seed investor. The word ‘Zaggle’ stands as an antidote to ‘Haggle’. As a founder of the brand merchandising and corporate gifting company eYantra, Raj realized that customers were looking for choice and flexibility. When corporates started approaching him for a solution, he decided to tackle it with a platform on which the merchants, corporates and consumers could seamlessly interact – and this is how Zaggle was born.

Zaggle today has over 200+ employees, a presence in 10+ cities, 4,500+ Clients, 10,000 Merchants, and 4.5 million users. The Zaggle platform connects its customers through Expense Management & Employee Reimbursements and Employee Rewards & Recognition.

Zaggle’s platform solutions include:

  • Zaggle Propel: An easy to use system to manage all your reward programs from a single integrated platform to increase productivity, greater profitability and reduced attrition.
  • Zaggle SAVE: An all in one business expense management and employee reimbursements platform that helps businesses unlock value and helps their employees save taxes and manage their expenses better.

Over the years, Zaggle has received several recognitions. Some of these include the following.

  • Zaggle Prepaid Ocean Services was conferred the Best FinTech Corporate Innovation Program Award at The Economic Times BFSI Innovation Tribe Awards 2020.

·        Raj N (Chairman, Zaggle) among the ‘Most Promising Business Leaders of Asia

  • Best Employee Engagement Award in the B2B segment at the 29th edition of World HRD Congress & Awards 2021
  • Best Prepaid Card of the Year at the Payments and Cards Summit, 2019
  • Best B2B Enterprise for Zaggle SAVE at the HYSEA Innovation Summit, 2019
  • Best IT Company at the HMTV Business Excellence Awards, 2019
  • Best Prepaid Card Solution at the IAMAI Indian Digital Forum, Jan 2019
  • Best Growth Strategy Award at the Ascent Awards, 2017
  • Best Service Provider at the Bayer Awards, 2016
  • Zaggle Newsroom:

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