Indian SME fintech Zaggle partners with Visa to launch ‘Founders Card’
Zaggle, a fintech start-up based in Hyderabad, India, which offers businesses prepaid cards, expense management and software-as-a-service (SaaS) applications, has landed a partnership with Visa, Economic Times reports.
The start-up will work with the card issuing giant, leveraging its payments expertise, to launch new payment solutions for small and medium-sized enterprises (SMEs).
One of these solutions – set to launch in August – includes a ‘Founders Card’ which has an inbuilt foreign exchange, so SMEs can get access to corporate credit faster.
Aimed at founders and CEOs of start-ups and SMEs, the card is also designed to optimise working capital and digitally manage all the expenses – including business, petty cash, and travel spending.
Other card benefits will include discounts on hotels, tickets, cash back incentives, and airport lounge access.
“For the next three years, we plan to target around 50,000 SMEs, which would include start-ups as well,” Zaggle’s founder Raj Phani told Economic Times.
“We aim to achieve INR 14-15 billion ($186-$198 million) of transactions annually.”
Zaggle, which claims to onboard roughly 600 SMEs each month, has also been building up its network of partners with companies such as WeWork, Indian online travel company MakeMyTrip, and AWS.
“We are building up a phenomenal ecosystem of various partners,” Phani added. “The plan is to bring all the SMEs on a single platform like our founders’ card on which all these solutions are automatically listed.”
Recently, the fintech introduced its free ‘Zaggle Save do-it-yourself (DIY)’ expense management solution, which is powered by artificial intelligence (AI).
And last month, Zaggle reported a turnover of roughly $237 million for the 2018-2019 financial year. It expects to generate roughly $461 million in revenues for the financial year between 2019 and 2020.