Shares of IDFC First Bank rose 1.28% to Rs 69.47 on the BSE.
Under the terms of the agreement, Zaggle will promote and refer IDFC First Bank’s forex solutions as part of its service portfolio to its existing and potential corporate clientele. The partnership is aimed at enhancing Zaggle’s value-added offerings while enabling IDFC First Bank to expand its footprint in the corporate forex services segment.
The agreement is valid for a period of three years, and both parties will collaborate to drive adoption of the bank’s forex products through Zaggle’s corporate network.
The awarding entity, IDFC First Bank, is a domestic company, and the transaction does not involve any related party considerations. Zaggle has confirmed that neither its promoters nor promoter group hold any interest in the bank, and the transaction is not classified as a related party transaction.
This partnership aligns with Zaggle’s ongoing strategy to diversify its financial offerings and provide integrated digital payment solutions to the corporate sector.
Zaggle Prepaid Ocean Services operates in the business-to-business-to-customer segment, offering spend management solutions and SaaS products such as tax and payroll software. The company has a diversified user base, a broad network of touchpoints, and ranks among the largest issuers of prepaid cards in India through its banking partnerships.
IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, Internet and mobile. The bank provides customized financial solutions to corporate, individuals, small and micro enterprises (SMEs), entrepreneurs, financial institutions and the government.