Open finance platform Fego.ai is now acquired by Bengaluru-based fintech company Perfios.
With its application programming interfaces (APIs), Fego provides developers with an open-finance product stack that enables businesses to connect users’ financial accounts and understand their financial behavior for use-cases like know-your-customer, collections, and wealth.
Fego received $1.5 million in seed funding in December 2021 from 3one4 Capital, Saison Capital, First Cheque, Eximius Ventures, Speciale Invest, and other investors.
“…We are confident that our capabilities will complement Perfios expertise,” said S. Kumar Srivatsan, co-founder, Fego.ai in a press statement.
The Fego product line includes Fego XP, which enables developers to integrate personal finance management into their offerings, and Fego intel, which assists businesses in developing intelligent consumer finance from verification to conversion. Real-time financial data is accessible through Fego Connect.
Along with lending options for small and medium-sized businesses, Perfios also provides financial and data analysis software and tools. The business just completed a $229 million Series D round, which was led by Kedaara Capital. It states that it sends 8.2 billion data points and 1.7 billion transactions to banks and other financial institutions annually.
