Indian FinTech Zaggle Launches AP, Card Platform

Indian FinTech company Zaggle has reportedly launched a product called Zoyer that aggregates accounts payable (AP) and credit card payments into a single platform.

The platform simplifies and automates B2B payments for small and medium-sized enterprises (SMEs) and enterprises, streamlines B2B debt and enables efficient management of operational cash flows and business results, IBS Intelligence reported Thursday (September 15).

“In addition to digitizing core invoicing and payment flows, with Zoyer we are laying a strong foundation for growth by enabling businesses to manage liquidity through better allocation of working capital and provide an instant line of credit tied to credit cards,” Zaggle CEO Avinash Godkhindi said in the report.

By embedding Zaggle-branded card products directly into AP workflows for seamless payments, Zoyer enables businesses to securely and efficiently manage vendor payments, utility payments and tax payments, according to the report.

It also offers earned rebates and cashback to help businesses optimize processing costs, and it provides access to immediate credit so businesses can meet their working capital needs, according to the report.

Zoyer is the latest addition to the company’s product line of integrated card products combined with Software-as-a-Service (SaaS)-based business costs, the report said.

“Companies and [SMBs] have a significant need to digitize B2B payment processes so they can quickly adapt to changing market dynamics, Godkhindi said, according to the report. “However, the segment is still greatly undervalued by established solutions and limited self-service credit cards or corporate cards.”

Zaggle announced its entry into the neobanking space in May 2021, saying it intended to look at “major challenges” faced by SMEs and help SME owners monitor the financial health of their companies and manage cash flows.

Read more: Zaggle debuts Neobanking service for SMBs

As PYMNTS reported at the time, India’s economy is home to about 20 million mom-and-pop businesses that account for 88% of the brick-and-mortar market.

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