Leading FinTech company Zaggle partners with EarlySalary to fuel growth in financial lending for corporates

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India, November 16, 2021: Leading FinTech company Zaggle today has announced their partnership with EarlySalary, India’s largest consumer lending platform for working professionals. Teaming up with EarlySalary will enable Zaggle to offer affordable credit to more than 4500 corporates catering to over 5 million users which is an integral part of their network.

The digital lending space is hot and booming in India. More than 80% of Indian millennials are planning on acquiring personal loans for manifold reasons. With the rapid adoption of digitization, the lending landscape in India has changed substantially, and thanks to the FinTech industry, India has seen a massive adoption in bringing flexibility and versatility to the younger audiences for lending. Zaggle has an existing wide range of prepaid solutions including platforms such as Edge for gift cards, Propel for Rewards & Channel Partner Incentives, save for tax benefits for the corporate workforce and EMS for streamlining employees expenses. With this association, Zaggle will expand their product line and offer affordable and instant lending solutions to their existing clientele. Additionally, this partnership will be beneficial to EarlySalary in terms of extending its financial wellness program by leveraging the large user base of Zaggle especially in the corporate and the enterprise segment.

EarlySalary is committed to providing a seamless customer experience by leveraging new-age technologies in the areas of data processing, AI/ML, and analytics for real-time analysis and decision making. EarlySalary aims to help millions of people lead a better life who want to achieve their financial freedom, meet any emergency needs and upgrade their lifestyles. EarlySalary has taken several steps to give users a better credit experience over the years.

Commenting on the partnership, Mr. Raj N., Founder and Chairman of Zaggle said, “This partnership comes at an opportune time which is in line with achieving our vision of becoming a Global Digital Bank. Zaggle has a rich and wide array of product offerings for corporates, enterprises and SME’s and we want to transcend beyond our prepaid card solutions. Collaborating with EarlySalary is one such step forward in enabling us to extend our product offerings to not just personal loans and the lending space, but to other financial products such as insurance, credit, wealth management that will take the company into newer growth areas.”

Commenting on the association with Zaggle, Mr. Akshay Mehrotra, Co-founder and CEO, EarlySalary said, “We at EarlySalary aim to revolutionize credit access for salaried professionals. This partnership with Zaggle will overcome financial worries with special corporate benefits like medical loans, Salary Advances, easy repayment for a personal loan and will also reduce the stress of employees related to financial health and their productivity at the workplace and ensuring cash needs and productivity is elevated through our superior quality digital services. We are constantly working towards bringing in innovative business solutions for a diverse set of corporate customers to make them an integral part of our strong network.”

About Zaggle:

Zaggle is a B2B2C Fintech company digitizing spends to drive growth and unlock value through innovative and automated workflows. The company began its journey in 2011 with the vision of developing a digital ecosystem that would connect corporations and their users with partner merchants through its innovative FinTech solutions. Since its inception, Zaggle has been working on evolving technologies that have helped the company to develop relevant solutions and platforms that are in raging demand in the contemporary times. Our specialty lies in arraying cutting edge technologies viz., AI (Artificial Intelligence), ML (Machine Learning) and OCR (Optical Character Recognition) which are conducive in facilitating a seamless experience to our users. At present, Zaggle is closely working with IndusInd, RBL and YES Bank and RuPay, VISA and MasterCard.

Currently, Zaggle has 4,500+ clients and over 4.5 million users. The company has offices across 10 cities with around 200+employees and is geared towards building a network agnostic payment

system while providing a seamless customer experience.

Zaggle’s Solutions:

•Expense Management System (EMS): EMS is an easy to use, simple platform that facilitates the seamless storage of bills and expenses of employees which can be reviewed by employers in real time and reimbursed in a jiffy. The platform also enables companies to track their business expenses end to end. The platform is powered by AI and ML which can easily identify and duplicate bills and helps companies save more annually.

•Propel: Propel is a channel incentivization and employee rewards & recognition program that enables companies to communicate, engage, motivate and reward its employees and channel partners to drive growth. It helps in solving the intricate issues that involve the management of the complete lifecycle of sales incentives right from the development of schemes until the end-users receive it including analytics and reconciliation. This platform manages all your reward programs from a single integrated platform to increase productivity, greater profitability and reduced attrition.

•Save: Save is an employee benefits and tax-saving platform that enables corporate employees to save on their taxes through meals, periodicals, books, etc. The entire process is digital which facilitates complete transparency in terms of the spend being on the correct category and making the process entirely compliant in line with the statutory law.

•Edge: Edge is a prepaid product platform that enables corporates to manage various spending needs such as gifting, payment for contract employees and gig workers, and it also facilitates advance payments to contractors and employees. Digital / Virtual versions of the cards are also available.

We have issued more than 200 million cards since the inception of Edge.