Bengaluru-based fintech firm Perfios has acquihired Chennai-based open finance platform Fego.ai.
Fego offers an open-finance product stack to developers, with its application programming interface (APIs) enabling companies to connect users’ financial accounts and understand financial behaviour of its users for use-cases across such as, know-your-customer, collections and wealth.
In December 2021, Fego raised $1.5 million in seed capital from 3one4 Capital, Saison Capital, First Cheque, Eximius Ventures, Speciale Invest and others.
“…We are confident that our capabilities will complement Perfios expertise,” said S. Kumar Srivatsan, co-founder, Fego.ai in a press statement.
Fego product portfolio consists of Fego XP which allows developers to embed personal finance management in their offering while Fego intel helps companies to build intelligent consumer finance from verification to conversion.Fego Connect enables access to real-time financial data.
Perfios offers financial and data analysis software and tools, besides lending solutions for small and medium businesses. The company recently raised a $229 million Series D round led by Kedaara Capital. It claims to deliver 8.2 billion data points to banks and financial institutions every year and processes 1.7 billion transactions on a yearly basis.