KFintech buys 25.6% stake in account aggregator MoneyOne's parent

Shares of KFintech closed 0.95 per cent higher on Friday

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