City-based Zaggle announces entry into neo-banking space
The parent company (Zaggle) currently works with three banking partners including Yes Bank, RBL Bank and IndusInd Bank.
Hyderabad: Hyderabad-based fintech company Zaggle announced its entry into the neo-banking space on Wednesday. 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 and the company is aiming to clock in a revenue of Rs 250 crore in the first one year of business. As a part of its growth strategy, the company aims to reach out to one lakh SMEs in the next two to three years.
The three primary products being offered are the Founders Card, Business Finance Manager – an operating system that manages business finance and Multibank Account Aggregation – an aggregate current and savings accounts of SMEs on one platform.
Zaggle founder Raj N 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 cash flows and is in sync with global developments and offerings in this space.”
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. The gross transaction value that the company targets through the Founders Card is around Rs 250 crore in the first year and expects to reach millions in the coming years.
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