Bengaluru-based Perfios Acquihires Fego.ai to Expand Open Finance Offerings
Perfios, a fintech firm based in Bengaluru, has recently acquihired Fego.ai, an open finance platform from Chennai. Perfios aims to expand its open finance offerings by leveraging Fego’s product stack and application programming interfaces (APIs).
Fego.ai provides a range of open-finance solutions for developers, allowing them to connect users’ financial accounts and gain insights into their financial behavior. These insights can be used for various purposes, including know-your-customer (KYC) procedures, collections, and wealth management.
In December 2021, Fego raised $1.5 million in seed funding from investors such as 3one4 Capital, Saison Capital, First Cheque, Eximius Ventures, and Speciale Invest. This investment further validated the potential of Fego’s open finance platform.
With the acquihire, Perfios aims to enhance its existing capabilities by integrating Fego’s expertise. S. Kumar Srivatsan, co-founder of Fego.ai, expressed confidence in the synergies between the two companies and their ability to create value together.
Perfios is well-known for its financial and data analysis software, lending solutions, and services tailored for small and medium businesses. The company recently raised $229 million in a Series D round led by Kedaara Capital.
Perfios boasts an impressive track record, delivering billions of data points to banks and financial institutions each year and processing billions of transactions annually.
The acquisition of Fego.ai will allow Perfios to strengthen its offering by adding Fego’s open-finance functionalities. This move aligns with Perfios’ vision of providing comprehensive financial solutions powered by advanced technology and data analysis.
Overall, the acquihire of Fego.ai by Perfios represents a strategic step towards expanding the open finance landscape in India and delivering innovative solutions to users and businesses alike.
Definitions:
– Fintech: Financial technology, an industry that leverages technology to improve and automate financial services.
– API: Application Programming Interface, a set of rules and protocols that enable different software applications to communicate and interact with each other.
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