Fintech SaaS company Zaggle has acquired an additional 12.34% stake in digital payments service provider Mobileware Technologies for INR 7.25 Cr.

In a statement, Zaggle said it acquired 4,622 equity shares for INR 7.25 Cr from the promoters of Mobileware, representing a 12.34% stake in the company on a fully diluted basis.

With this acquisition, Zaggle’s total shareholding in Mobileware has increased to 38.34%. The spend management company had acquired a 26% stake in Mobileware Technologies (now known as ‘86400’) for INR 15.6 Cr in September last year.

Founded in 2010, 86400 provides digital banking and fintech solutions. The company helps banks and financial institutions improve their digital services, especially in rural and urban areas.

86400 has an API banking platform named TransXT (known as ‘Bank In A Box’) with which it facilitates digital transactions and provides its payment services to more than 80 banks and 20 fintech companies.

Under the partnership, Zaggle aims to tap Mobileware’s infrastructure and expertise to enhance its payment solutions. Mobileware’s UPI switch solutions, available both on-premises and in the cloud, will enable Zaggle to develop and co-create new use cases for clients, including solutions for lending, credit, and card management services.

(The story will be updated shortly.)

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