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Mumbai, NFAPost: Zaggle Prepaid Ocean Services was conferred the Best FinTech Corporate Innovation Program Award at The Economic Times BFSI Innovation Tribe Awards 2020.

In its third edition, The Economic Times BFSI Innovation Tribe Awards recognises leading financial institutions, solution providers and FinTech companies that are helping in building a robust ecosystem for the financial services sector.

Entries for the awards were evaluated by IBSI, a group company of Cedar Management Consulting International in association with ETBFSI. IBSI was set up in 1991 and has since been publishing cutting edge research consumed by various stakeholders in the financial space including bankers, investors and suppliers. 

Commenting on the success of the company, Zaggle Founder Raj N said the startup is indeed proud to have been recognised by the Economic Times for our contribution to the financial services space through its innovative products and services.

Impact on customers

“Innovation has been at the heart of all progress and we continue to strive for providing innovative support to organizations,” said Zaggle Founder Raj N.

Speaking about the awards, Cedar Management Consulting International Senior Partner V Ramkumar said the evaluation of the participants in the awards was based not just on the services that have been provided.

“It is also on the basis of the excellence that has been delivered and the impact that it has resulted in for the customers which include banks as well as the end customers,” said V Ramkumar.

Currently in its third edition, the framework for the evaluation of participants was originally designed by PwC by first identifying 16 categories to celebrate excellence and innovation in the FinTech space.

The basis for the evaluation lies around 6 identified methodologies and framework elements associated with business impact, market growth potential, the degree of innovation, the applicability of the solutions, how does it really help in enhancing the overall ecosystem and the customer benefit perspective. 

Evaluation metrics

105 FinTech companies participated in this year’s Innovation Awards which were ranked on the basis of the evaluation metrics with an eminent jury consisting of representatives from Banking, Technology, Private Equity as well as members from the FinTech space. 

Zaggle is an award-winning FinTech company digitizing spends to unlock value and drive business growth. Zaggle uses Deep Tech and Artificial Intelligence to provide platform solutions to businesses for expense management & employee reimbursements as well as for rewards & recognition. Additionally, Zaggle is working with a number of banks, other Fintech companies and networks to build a state-of-the-art open banking platform for small & medium size businesses (SMBs).

Zaggle works currently with three banks RBL Bank, IndusInd and YES Bank and works closely with VISA, RuPay and MasterCard Networks to craft these solutions and to constantly innovate to bring value to its users.

Corporate gifting

The company was founded in 2011 by Raj N, a serial entrepreneur and seed investor. The word ‘Zaggle’ stands as an antidote to ‘Haggle’. As a founder of the brand merchandising and corporate gifting company eYantra, Raj realized that customers were looking for choice and flexibility. When corporates started approaching him for a solution, he decided to tackle it with a platform on which the merchants, corporates and consumers could seamlessly interact – and this is how Zaggle was born.

Zaggle today has over 200+ employees, a presence in 10+ cities, 3500+ Clients, 10,000 merchants, and 4.5 million users. The Zaggle platform connects its customers through Expense Management & Employee Reimbursements and Employee Rewards & Recognition.

Zaggle’s platform solutions include:

  • Zaggle Propel: An easy to use system to manage all your reward programs from a single integrated platform to increase productivity, greater profitability and reduced attrition.
  • Zaggle SAVE: An all in one business expense management and employee reimbursements platform that helps businesses unlock value and helps their employees save taxes and manage their expenses better. 
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