Bengaluru-based B2B SaaS fintech startup Perfios has acqui-hired Chennai-based open finance platform Fego.ai for an undisclosed sum.
According to Mint, Fego was earlier in acquisition talks with M2P Fintech, but the deal fell through due to undisclosed reasons.
What does Fego.ai do?
Established in 2020, Fego offers an open-finance product stack to developers, with its application programming interface (APIs) enabling companies to connect users’ financial accounts, enrich customer experience and understand the financial behaviour of its users for use-cases across lending, know-your-customer, collections and wealth.
In December 2021, Fego raised $1.5 million in a seed round from 3one4 Capital, Saison Capital, First Cheque, Eximius Ventures, Speciale Invest.
Angel investors like Cred founder Kunal Shah, former BharatPe CEO Suhail Sameer, BharatPe co-founder Shashvat Nakrani, Groww CEO Lalit Keshre, M2P Fintech founders Madhusudhanan R. and Prabhu Rangarajan, and Koo co-founder Aprameya Radhakrishna has also invested in the startup.
"Fego joins the Perfios family. Kumar Srivatsan and Kumar Srikanthan will take up product and strategy roles and continue building at Perfios to enable the growth of digital finance in India and across the world."
What does Perfios do?
Founded in 2008, Perfios offers financial and data analysis software and tools, besides lending solutions for small and medium businesses.
The startup helps financial institutions handle various processes, including customer onboarding, decision-making, underwriting, and monitoring, making these processes quicker and more efficient.
The development comes after Perfios raised $229 million in a Series D funding round led by Kedaara Capital.