The partnership between OneMoney and Equal facilitates over 55 million transactions per month and achieves a 97% success rate in Know Your Customer (KYC) processing for more than 250 clients in the banking, financial services and insurance (BFSI) sector, according to a joint statement released on Tuesday.
The company did not disclose details of the transaction.
“This partnership will enable OneMoney and Equal to develop responsible innovations for the BFSI sector and create solutions based on consent-based and privacy-focused financial data sharing, management and analytics,” Reddy said.
“Our shared vision is to strengthen data democracy by giving citizens and small and medium enterprises (MSMEs) digital power and enabling them to access low-cost loans and other financial products.”
Equal, co-founded by Reddy and Rajeev Ranjan, former head of engineering at Swiggy, provides a platform where users can store, manage and share documents such as PAN cards, driving licenses and other government-issued IDs. The platform serves industries such as hospitality, finance, insurance and healthcare, among others. Currently, Equal works with 50 of India’s top 200 companies.
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OneMoney, which holds an RBI NBFC-AA license, is a leader in the account aggregator space with a 45% market share and serves over 200 financial information users. The platform offers a consent management solution for consumers and a secure data sharing service for financial institutions and participants in the open banking ecosystem. “This collaboration not only validates the potential of our platform but also aligns with our shared vision to serve the underserved, improve financial data security and democratize financial products in India,” said Krishna Prasad, Founder, OneMoney.
This investment comes as new rules for the Digital Personal Data Protection Act (DPDP Act), a top priority for the recently elected Union government, are expected in the next few days.