Zaggle, a fintech startup partners with Visa to create payment solutions for SMEs

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To launch an innovative transaction solution for SMEs and startups, Zaggle, a fintech startup has announced partnership with Visa. The companies through this partnership aim to support SMEs and startups better their productivity, decrease costs and get access to credit faster through a card having both inbuilt forex and prepaid.

Zaggle plans on utilizing Visa’s expertise and experience in the financial solutions space to build the right service for their target audience. They also plan on using Visa’s support in technological innovations and ideas. Zaggle plans to reach out to 50,000 SMEs and startups in next three years and have Rs 14K- 15K crore worth transactions annually.

The startup conducted an extensive research where it spoke to a good number of startups and industry forums to understand the challenges they face. It took them over 6 months to compile and analyze the collected data.

Raj N Phani, Founder of Zaggle told about one of the major innovations they are working on, ‘Founder’s Card’ curated for founders and CEOs of companies. He claimed that a concept like ‘Founder’s Card’ hasn’t been heard of before. This card is a single payment instrument which can optimize working capital and digitally manage all the expenses in the company.

This innovative credit card can be availed in form of domestic pre-paid, forex pre-paid and corporate credit and will also entail several other benefits for the cardholder. Through this card, business expenses like international travel and petty finances like fuel etc. can be managed for senior executives in the company.

The card will come with added benefits like discounts on hotel bookings, tickets cash back incentives, lounge access and many more. Zaggle has a partner network of companies such as WeWork, MakeMyTrip, AWS among others which it plans to use to curate exclusive offers for its clients.

The company has plans to launch the ‘Founder’s Card’ by August 15 post the lockdown is over and things start going back to normal. Arvind Ronta, Head – Products, India & South Asia, Visa said,

“SMEs remain the backbone of our economy. Now more than ever before, it has become more important for SMEs to assess how to best digitize their businesses. We are glad to partner with Zaggle to produce solutions that empower and assist SMEs and startups in managing working capital and improving productivity by digitizing payments for them.”

Zaggle is already working on its marketing strategies to attract the right pool of clients. Phani said, “We are building up a phenomenal ecosystem of various partners. The plan is to bring all the SMEs on a single platform like our founders’ card on which all these solutions are automatically listed,”

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