Zaggle Invests INR 15.6 Cr in Mobileware Technologies to Enhance Digital Payment Solutions and Expand Market Reach Mobileware Technologies will use the investment to expand its team, drive product innovation, enhance its API banking platform, TransXT, and explore new customer segments and potential international market expansion.
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Mobileware Technologies, a digital payment solutions provider, has secured an investment of INR 15.6 crore from Zaggle, a player in the fintech and SaaS space. The transaction was facilitated by Lastaki Advisors and Khaitan & Co, who acted as advisors to Mobileware Technologies.
The fresh infusion of funds will allow Mobileware to expand its team, drive product innovation, and enhance its offerings. The company is poised to increase productivity, tap into new customer segments, and explore potential international market expansion.
A key focus of this investment is the enhancement of Mobileware's flagship API banking platform, TransXT, also known as "Bank in a Box." TransXT currently serves over 80 banks and 20 fintech companies, providing seamless integration either through direct banking relationships or system integrator (SI) partnerships.
Mobileware is known for delivering secure and scalable digital payment solutions, including NPCI-certified UPI, IMPS, BBPS, and AePS switches. This investment will further bolster its ability to bridge the gap between technology and financial services.
Satyajit Kanekar, Co-founder of Mobileware Technologies, stated, "With the increasing volume of digital transactions, we are witnessing a revolution that extends beyond borders. The ACI Worldwide Report indicates that nearly 49% of global real-time payment transactions occur in India, highlighting the essential nature of digital transformation in today's payment landscape. This investment enables us to further innovate and strengthen our partnerships with banks and financial institutions."
Amitabh Kanekar, Co-Founder of Mobileware, added, "The investment from Zaggle serves as a strong endorsement of our vision. With our established partnerships with NPCI and our commitment to compliance and security, we are well-positioned to enhance India's digital infrastructure and contribute to a cashless economy. We remain dedicated to making digital payments faster, safer, and more accessible."
