Keshav Reddy, founding father of Equal, an id verification startup, has invested an undisclosed quantity for a strategic stake in Hyderabad-based account aggregator platform One Cash. Reddy is the son of Pinky Reddy and G V Sanjay Reddy, vice chairman of the GVK Group.
The partnership between OneMoney and Equal facilitates over 55 million month-to-month transactions, attaining a 97% success fee in know-your-customer (KYC) processing for greater than 250 shoppers within the banking, monetary companies, and insurance coverage (BFSI) sector, in keeping with a joint assertion launched on Tuesday.
The corporate didn’t disclose the deal particulars.
“This partnership will permit OneMoney and Equal to innovate responsibly for the BFSI sector and create options which might be rooted in consent-first, privacy-focused monetary information sharing, governance and evaluation,” stated Reddy.
“Our shared imaginative and prescient is to strengthen information democracy by way of digitally empowering residents and MSMEs by enabling them to get cost-effective credit score and different monetary merchandise.”
Equal, cofounded by Reddy and Rajeev Ranjan, former Director of Engineering at Swiggy, gives a platform for customers to retailer, handle, and share paperwork like PAN playing cards, driver’s licenses, and different government-issued IDs. The platform serves sectors together with hospitality, finance, insurance coverage, and healthcare, amongst others. At present, Equal companions with 50 of India’s prime 200 corporations.
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OneMoney, holding an RBI NBFC-AA licence, leads the account aggregator area with a 45% market share, serving over 200 monetary data customers. The platform supplies a consent administration answer for shoppers and a safe data-sharing service for monetary establishments and members within the open banking ecosystem.“This collaboration not solely validates the potential of our platform but additionally aligns with our shared imaginative and prescient to serve the underserved, improve monetary information safety and democratise monetary merchandise in India,” stated Krishna Prasad, founder, OneMoney.
This funding comes as new guidelines for the Digital Private Knowledge Safety (DPDP) Act are anticipated throughout the subsequent few days, a prime precedence for the just lately elected Union authorities.