Zaggle Prepaid Ocean Services Limited, a spend management fintech company, has announced the acquisition of a 19.90% stake in Unobanc Private Limited. According to reports from The Hindu BusinessLine, the board of directors has approved a plan to invest approximately ₹7.96 crore in one or more tranches in the target company. The acquisition involves Unobanc Private Limited, a cross-border payments and remittances company that owns the moneyHOP brand. As reported by YourStory, following the investment, Zaggle will hold up to a 19.9% equity stake in the company, with the move aimed at expanding Zaggle's payments ecosystem and strengthening its presence in cross-border payments, remittances, and foreign exchange services for enterprise and retail customers.
As reported by Business Standard, Unobanc has allotted 62,188 equity shares of face value of ₹10 each by way of preferential issue on a private placement basis to Zaggle. Consequently, the company holds the 19.9% equity stake in Unobanc following this share allotment. This structured approach ensures proper governance and regulatory compliance while providing Zaggle with the desired equity stake in the target company.
As reported by The Hindu BusinessLine, the move is designed to help expand Zaggle's payments ecosystem and strengthen its presence in high-growth financial services segments. Raj P. Narayanam, Founder and Executive Chairman of Zaggle, stated that the acquisition would enhance capabilities in cross-border payments, forex, remittances and international financial solutions. The strategic investment aims to position Zaggle more competitively in the growing cross-border payments market, with the company's focus on expanding its capabilities in digital cross-border payments and technology infrastructure for enterprise customers.
According to YourStory, Unobanc, a subsidiary of Hop Financial Solutions, provides technology infrastructure for digital cross-border payments and has received in-principle approval from the Reserve Bank of India for an Authorised Dealer Category-II licence to expand its forex and remittance offerings. This regulatory approval positions the company to offer comprehensive cross-border payment solutions and strengthens its competitive position in the regulated financial services sector.
