“Can a publicly listed Indian SaaS-fintech own the corporate spend stack — cards, expenses, P2P, and recurring payments — by stitching together regulated bank partners under one platform?”
Zaggle began as a corporate spend, employee benefits and prepaid card platform in India, partnering with regulated banks (YES Bank, NSDL Payments Bank) and PPI issuers (Zokudo) to issue cards. It expanded into SME neo-banking via group company ZikZuk (2021) and into embedded consumer/employee lending via CASHe (2022). Following its 2023 IPO, Zaggle has positioned itself as an end-to-end spend management SaaS-fintech with cards, T&E, procure-to-pay, and recurring expense modules.
Zaggle discloses YES Bank, NSDL Payments Bank and Zokudo (PPI issuers) as its banking providers, according to the Embedded Finance Index 2026.
Zaggle does not disclose a bank charter of its own; its banking services are provided through YES Bank, NSDL Payments Bank and Zokudo (PPI issuers).
Zaggle processes payments through Zaggle Prepaid Cards (self-operated), Zaggle Corporate Credit Cards (self-operated) and Zaggle Forex Cards (self-operated).
Zaggle's cards are issued through YES Bank, NSDL Payments Bank and Zokudo (Premium E-business Ventures).
Zaggle's lending and capital products are provided by CASHe.
Zaggle integrates with SAP, Tally, Oracle, Zoho and QuickBooks.
The Embedded Finance Index 2026 maps 6 layers in Zaggle's stack: Payments / PSP (Zaggle Prepaid Cards (self-operated), Zaggle Corporate Credit Cards (self-operated) and Zaggle Forex Cards (self-operated)); Banking / BaaS (YES Bank, NSDL Payments Bank and Zokudo (PPI issuers)); Card issuing (YES Bank, NSDL Payments Bank and Zokudo (Premium E-business Ventures)); Lending (CASHe, CASHe-powered personal loans (Rs 1,000–3,00,000), Credit line, BNPL and 1 other); Sponsor bank (YES Bank and NSDL Payments Bank); Accounting (SAP, Tally, Oracle, Zoho and 1 other).
Zaggle is founded in 2011 and headquartered in Hyderabad, India.
Get a read on where your own stack stands against Zaggle and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.