Fintech SaaS startup Perfios has acquihired Chennai-based open finance platform Fego.ai. Prior to this, Perfios acquired Karza Technologies in 2022 and FinTechLabs in 2019.
As part of the deal, Fego.ai founders will take up product and strategy roles at Perfios. The two companies added that the Fego.ai team is now a part of the Perfios team.
Founded in 2020 by Kumar Srikanthan and Kumar Srivatsan, Fego.ai analyses the transactions of individuals to provide behavioural financial insights to banks and other financial institutions.
The startup leverages machine learning algorithms to extract insights modelled around users’ financial behaviour across several use cases, including credit, wealth, fraud-risk management and collections, among others.
Commenting on the need for people to access the right finance, cofounder Srivatsan said, “Access to the right finance at the right time is a fundamental right, and open finance is a catalyst in achieving that. RBI’s Account Aggregation framework puts the customer in control of their data and empowers them to make informed decisions.”
Backed by the likes of 3one4 Capital, Speciale Invest, FirstCheque and Kunal Shah, Fego.ai looks at the acquisition as an opportunity to tap the global market by integrating its capabilities with Perfios’ expertise.
The acquisition announcement comes after Perfios raised $229 Mn from Kedaara Capital in its Series D funding round through the combination of a primary and a secondary sale. Perfios is a credit decisioning and analytics startup which operates in B2B and B2C segments.
Of the 111 unicorns in India, 22 belong to the fintech sector, as the segment continues to be one of the biggest opportunities in India’s startup ecosystem. According to Inc42’s State Of The Indian Fintech Report Q2 2023, the Indian fintech opportunity is set to reach $2.1 Tn by 2030.
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