M&A

M&A

KFintech to acquire over 75% stake in account aggregator MoneyOne

Business Standard  

Financial services firm KFin Technologies (KFintech) has entered the account aggregator business with the acquisition of 25.63 % stake in Hyderabad-headquartered Fintech Products and Solutions India Ltd (FPSIPL) for INR 6.5 crore. FPSIPL owns MoneyOne, which provides technology solutions to banks and financial services companies and has an account aggregator (AA) licence. KFintech can raise its shareholding in FPSIPL to 75.01% for a cash consideration of INR 22.6 crore later. AA is a framework for data sharing in a secured manner between financial institutions such as banks, pension funds, insurance companies, and asset management companies. KFintech serves mutual funds, Alternative Investment Funds (AIFs), wealth managers, pension funds and corporate issuers, as well as international clients in Southeast Asia and Hong Kong.