AU Small Finance Bank and Zaggle enter into strategic partnership to launch Co-branded Retail Credit & Prepaid Cards

AU Small Finance Bank (AU SFB), India's largest small finance bank and the first in a decade to receive the in-principle approval for transitioning into a Universal Bank, today announced a strategic partnership with Zaggle Prepaid Ocean Services Limited, India's leading spend management company. The alliance aims to launch co-branded retail credit and prepaid cards program, equipped with a unique Third-Party Application Provider (TPAP) integration and a personalized recommendation engine.

The new retail credit card is designed to give customers more value through smart spending tips, easy-toearn rewards and seamless, tech-enabled experiences, making everyday spending more rewarding and effortless.

Beyond the retail credit card launch, AU SFB and Zaggle will broaden their partnership to develop a comprehensive commercial credit card portfolio. AU SFB will leverage its underwriting expertise, while Zaggle will utilize its extensive enterprise network to onboard eligible corporate customers. These customers will gain access to Zatix, Zaggle's centralized SaaS platform that provides real-time visibility, complete control and actionable insights into corporate spending.

The partnership also includes a co-branded prepaid card program for corporate customers, supporting taxsaving benefits through multiple wallets across categories like fuels, meals and gifts. With this program, corporates can manage expenses & reimbursement tracking and access support through the Zaggle mobile app. The idea is to empower both AU SFB and its corporate customers to efficiently manage and scale their commercial card programs.

"We are excited to partner with AU Bank to foray into Retail Credit Card business. The partnership is meant to deliver innovative, technology-led payment solutions that cater to both retail and corporate customers," said Dr. Raj P Narayanam, Founder & Executive Chairman, Zaggle. "With integrated platforms like Zatix and SAVE, we're empowering businesses with greater spend visibility, enhanced compliance and improved operational efficiency across all functions."

Mr. Sanjay Agarwal, Founder, MD & CEO, AU Small Finance Bank said, "This partnership aligns perfectly with our vision of empowering both businesses and consumers through smarter, more efficient financial solutions. Zaggle's strong SaaS capabilities and extensive enterprise network complement our credit offerings, and we look forward to scaling this collaboration to new heights."

In addition, Zaggle will introduce AU SFB with its southern regional corporate/connect as primary banking franchise. With this multi-phase rollout, Zaggle and AU SFB are poised to deliver a powerful suite of financial products and platforms, tailored for India's dynamic consumer and corporate ecosystem.

Key Highlights:

- Retail Credit Cards with TPAP integration and AI-powered recommendation engine
- Corporate Credit Cards supported by Zaggle's enterprise acquisition and Zatix SaaS platform
- Multi-Wallet Prepaid Cards for tax savings, fully managed via the Zaggle app
- Zaggle SAVE to automate employee expense reporting and reimbursements

Shares of AU Small Finance Bank Limited was last trading in BSE at Rs. 706.15 as compared to the previous close of Rs. 717.80. The total number of shares traded during the day was 25549 in over 1001 trades.

The stock hit an intraday high of Rs. 719.15 and intraday low of 703.85. The net turnover during the day was Rs. 18159992.00.

Shares of Zaggle Prepaid Ocean Services Limited was last trading in BSE at Rs. 354.90 as compared to the previous close of Rs. 353.95. The total number of shares traded during the day was 151876 in over 4752 trades.

The stock hit an intraday high of Rs. 358.95 and intraday low of 349.75. The net turnover during the day was Rs. 53809820.00.

Source : Equity Bulls

Keywords

AUSmallFinanceBank INE949L01017 StratgegicPartnership ZagglePrepaidOceanServices INE07K301024 ITEnabledServices