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KFintech will foray into account aggregator business by buying stake in one of the account aggregators, FinSec AA Solutions.
The RTA will invest in Fintech Products and Solutions India Private Limited (FPSIPL), a technology provider which currently holds majority stake in the FinSec AA Solutions. The company will own 25.63% of the post-issue equity share capital of FPSIPL.
Account aggregators are NBFCs which retrieve financial information from various entities to provide all savings and investment data at one place. Investors can register with any account aggregator and get their bank account, mutual fund, insurance, PF investment, PPF and other financial data at one place.
In a press release, Sreekanth Nadella, MD and CEO, KFintech said, “KFintech has an extensive reach of over 5000+ clients locally and globally being serviced through at-scale and innovative technology solutions. Combined with the proven capabilities of the market leader in Account Aggregation – OneMoney, we are excited at the prospect to deliver several best in class fintech solutions across the sectors of lending, asset & wealth management, administration & onboarding solutions amongst several others.
