KFin Technologies Limited (“KFin Technologies”), a leading provider of investor and issuer solutions, announced its decision to invest into Fintech Products and Solutions India Private Limited (FPSIPL), a Technology Service Provider (TSP) having a wholly owned subsidiary, FinSec AA Solutions Private Limited, India’s first Account Aggregator, licensed by Reserve Bank of India (RBI). 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.
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, the brand of FPSIPL’s wholly owned subsidiary, is India’s first Account Aggregator (AA), with an NBFC AA license from the RBI. OneMoney is a leading player with over 45% market share in a competitive and emerging Account Aggregator domain.
After this investment, KFin Technologies will own 25.63% of the post-issue equity share capital of FPSIPL. KFintech can acquire additional equity share capital of FPSIPL, taking its aggregate shareholding in FPSIPL to 75.01%, subject to the satisfaction of customary closing conditions and receipt of regulatory approvals.
On the occasion, Sreekanth Nadella, Managing Director and Chief Executive Officer of KFin Technologies, said, “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. 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.”
Krishna Prasad Atluri, Founder and Chief Executing Officer, FPSIPL, said, “This investment is highly synergistic and shall enable FPSIPL to leverage KFintech’s technological finesse to deliver world-class and agile TSP solutions, high-end data analytics and best-in-class AA solutions and Open Banking solutions to the markets in India and abroad, especially to serve the underserved and unserved segments.”
This acquisition shall enable KFin Technologies to leverage its technology competence to deliver best-in- class TSP solutions to BFSI players and new-age start-ups and scale up AA value propositions beyond lending as a used case to wealth management for retail consumers.
KFin Technologies Limited (“KFintech”) is a leading technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem including asset managers and corporate issuers across asset classes in India and provide several investor solutions including transaction origination and processing for mutual funds and private retirement schemes to asset managers in Malaysia, Philippines, Singapore, Hong Kong and Canada. In India, KFintech is the largest investor solutions provider to Indian mutual funds, based on number of AMCs serviced as on December 31, 2022, and the largest issuer solutions provider based on number of clients serviced, as on December 31, 2022. KFintech is the only investor and issuer solutions provider in India that offers services to asset managers such as mutual funds, alternative investment funds, wealth managers and pension as well as corporate issuers and is one of the three operating central record keeping agencies for the National Pension System in India.
