Microfinance company Satin
Creditcare Network has entered into an agreement to acquire about 9% stake in fintech startup Jay Kay Financial Technologies
, which is in salary disbursement services under a brand called Rupyo.
The acquisition will be completed by the end of December, Satin said in a regulatory filing to stock exchanges. The size of the deal has not been disclosed.
Rupyo was founded by Shivin Khanna and Pragun Jindal in August last year.
Satin said it aims to support the growth of the startup and stand with it in building significant scale.