Keshav Reddy’s ID-sharing platform Equal has made a strategic investment in account aggregator OneMoney, which is India’s first and largest Account Aggregator with a 45 per cent market share.
The quantum of investment made was however not disclosed.
Equal is a consent-first and privacy-focused ID sharing platform, for Indian enterprises to securely, compliantly and seamlessly share IDs. Equal currently partners with 50 of India’s top 200 companies.
Keshav Reddy, Founder, Equal, said, “This partnership will allow OneMoney and Equal to innovate responsibly for the BFSI sector and create solutions that are rooted in consent-first, privacy-focused financial data sharing, governance and analysis.
Our shared vision is to strengthen data democracy through digitally empowering citizens and MSMEs by enabling them to get cost effective credit and other financial products.
OneMoney is India’s first Account Aggregator, with a RBI NBFC-AA licence.
It leads the Account Aggregator domain with 45 percent market share and serving more than 200 FIUs (Financial Information Users).
“We are excited to partner with Equal, a leader in ID sharing. This collaboration not only validates the potential of our platform but also aligns with our shared vision to serve the underserved, enhance financial data security and democratise financial products in India.
We believe that by combining our technologies and expertise, we can drive the next generation of responsible financial innovation,” said Krishna Prasad, Founder, OneMoney.