Yes Bank announces partnership with Zaggle to launch next-gen corporate credit card

Yes Bank today announced the partnership with spend management platform Zaggle to launch co-branded Corporate Credit Cards with a focus on corporations that allocate a substantial portion of their budget to travel and entertainment expenditures.

The co-branded card enables the company to control expenses directly by setting individual spending limits, imposing restrictions on merchant categories, and implementing various other controls. Cardholders can access various perks, from rewards and golf privileges to lounge access and travel insurance, the bank said.

Earlier this week, Zaggle had raised Rs 25 crore in funding from the ValueQuest Scale Fund during its pre-initial public offering (IPO) phase, taking its total raise amount to Rs 98 crore.

Founded in 2011, Zaggle specialises in the B2B2C sector and has carved a distinctive niche in the Indian market by delivering an integrated solution for expenditure management using prepaid cards, along with employee management facilitated through Software as a Service (SaaS).

"The partnership with Zaggle enables businesses to bring in operational efficiencies by allowing them to undertake banking transactions, manage company expenditures as well and keep track of all business-related overheads on a single platform. The co-branded card is a compelling proposition that offers upfront savings on business spending, along with the privilege of offering rewards on both spending and repayments on a large list of business expense categories," said Rajan Pental, Executive Director of Yes Bank.

Avinash Godkhindi, MD & CEO of Zaggle said, “The corporate T&E space is ripe for disruption as businesses increasingly demand real-time analytics to better manage spends, an industry need that we believe remains unmet. Zaggle ZatiX, deeply integrated with the YES BANK Zaggle Corporate Credit Card aims to addresses this need, to empowering businesses, and provide CFOs with the certain tools they need for intelligent spend decision making to assist with strategically controlling costs and optimally managing cash flow. Zaggle ZatiX a spend management and analytics platform, which helps businesses to bring in greater cost efficiencies."

The two first collaborated in the prepaid card space, which started in 2016. Apart from Yes Bank, Zaggle has also partnered with IndusInd Bank and NSDL Payments Bank and has issued more than 45 million co-branded prepaid cards since its inception.

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