KFin Tech shares rise on investment in account aggregator firm

KFin Technologies will own 25.63 percent of the post-issue equity share capital of FPSIPL and can acquire additional equity, taking its aggregate shareholding to 75.01 percent

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KFin Technologies on February 24 announced its decision to invest in Fintech Products and Solutions India Private Limited (FPSIPL), a technology service provider (TSP) holding an account aggregator (AA) licence.

The partnership will help KFintech venture into TSP and AA business as it looks to diversify beyond its current offerings across asset classes in the financial services ecosystem.

At 12.30 pm, the stock was trading a percent higher at Rs 295.30 on BSE.

KFin Technologies will own 25.63 percent of the post-issue equity share capital of FPSIPL. KFintech can acquire additional equity, taking its aggregate shareholding in FPSIPL to 75.01 percent, subject to the satisfaction of customary closing conditions and receipt of regulatory approvals, it said in a release.

MoneyOne, the brand of FPSIPL, is in the business of providing technology solutions for the BFSI sector. Their primary offering, as a TSP, is to provide a platform for enabling data sharing, data governance and analysis, and related solutions to the clientele in the BFSI domain.

OneMoney, another brand of FPSIPL, is India’s first Account Aggregator (AA), with an NBFC AA licence from the RBI. OneMoney is a leading player with over 45 percent market share in the segment, said KFinTech.

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“As a scaled multi-asset global solution provider for fund management, we are focusing on expanding our portfolio of products and solutions to foster the financialization of India’s economy,” said Sreekanth Nadella, Managing Director and Chief Executive Officer of KFin Technologies.

“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.”

This acquisition shall enable KFin Technologies to leverage its technology competence to deliver TSP solutions to BFSI players and new-age startups and scale up AA value propositions beyond lending, it said.