Zaggle Standard Chartered deal covers co-branded prepaid cards, employee-benefit & rewards programmes across 12 Asia-Pacific markets over five years. The contract is valued at roughly ₹900 crore in gross transaction value (GTV).
Revenue Model
- Take-rate: 1.2–1.4 % on card loads
- Guaranteed minimum: ₹150 cr annual TPV
- Upside: Cross-sell into StanChart’s 1,200+ large corporate clients
Strategic Fit
Provides Zaggle with predictable cash-flow and lowers customer-acquisition cost. StanChart gains a turnkey employee-benefit platform without capex. This synergy enhances corporate banking offerings across regions.
Risk Factors
- Regulatory: RBI caps on MDR could compress take-rate.
- Competition: Paytm, Amazon Pay target similar B2B payment segments.
Takeaway
Long-term revenue visibility and margin expansion—positive re-rating trigger. Deal structure mitigates volatility through volume guarantees and growth avenues.
Sector & Market Impact
- Industries Impacted: Fintech, Prepaid Cards, B2B SaaS
- Positive Impact: Revenue predictability & scale acceleration
- Negative Impact: Minimal near-term exposure
- Growth Lever: Cross-sell into StanChart’s corporate base
- Market Sentiment (1-3 Month): +1 (positive)
