Kfin Technologies Plans To Buy Majority Stake In Fintech Products And Solutions

Financial services platform Kfin Technologies Ltd. on Friday said it plans to invest up to Rs 22.6 crore to acquire a majority stake in Fintech Products and Solutions India Pvt., which runs India's first account aggregator Onemoney.

Kfin has already bought a 25% stake in Fintech Products for Rs 6.5 crore and may take an additional 50% stake for the remaining amount over the next two–three months, according to a regulatory filing.

In a statement, Kfin said the deal 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," the company's Managing Director and Chief Executive Sreekanth Nadella said.

The Kfin Technologies scrip closed 1.46% up at Rs 296.30 a piece on the BSE, as against a 0.24% correction on the benchmark.