Kfin Technologies Ltd. announced on Friday that it intends to invest up to Rs 22.6 crore to acquire a majority stake in Fintech Products and Solutions India Pvt., which operates India’s first account aggregator Onemoney. According to a regulatory filing, Kfin has already purchased a 25% stake in Fintech Products for Rs 6.5 crore and may purchase an additional 50% stake for the remaining amount over the next two to three months.
Kfin said in a statement that the transaction will help it expand into the technology service provider and account aggregator space. “We are focusing on expanding our portfolio of products and solutions to foster the financialisation of India’s economy,” said Sreekanth Nadella, the company’s Managing Director and Chief Executive. On the BSE, Kfin Technologies closed 1.46% higher at Rs 296.30 per share, compared to a 0.24% drop in the benchmark.