 "KFintech buys 25.6% stake in account aggregator MoneyOne's parent")
Financial services firm KFin Technologies (KFintech) has entered the account aggregator business with the acquisition of 25.63 per cent stake in Fintech Products and Solutions India (FPSIPL) for Rs 6.5 crore.
FPSIPL owns MoneyOne, which provides technology solutions to banking and financial services companies, has an account aggregator (AA) licence.
AA is a framework for data sharing between financial institutions like banks, pension funds, insurance companies, and asset management companies. Under this, AAs use technology for a simple and secure exchange of data between the institutions.
As per the terms of the deal, KFintech can raise its shareholding in FPSIPL to 75.01 per cent for a cash consideration not exceeding Rs 22.6 crore later, subject to certain conditions.
KFintech is an investor and issuer solutions provider, serving asset managers such as mutual funds, Alternative Investment Funds (AIFs), wealth managers, pension funds and corporate issuers, as well as international clients in Southeast Asia and Hong Kong.
Shares of KFintech closed 0.95 per cent higher on Friday.
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