Equal's Founder Keshav Reddy Backs Account Aggregator Platform OneMoney This partnership with Equal is set to further bolster its capabilities, enabling the processing of over 55 million monthly transactions with a remarkable 97% success rate in KYC processing for 250+ banking, financial services, and insurance (BFSI) clients across India.
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Keshav Reddy, the founder of Equal, an identity verification startup, has made a strategic investment in OneMoney, a Hyderabad-based account aggregator platform. While the financial terms of the deal remain undisclosed.
This partnership with Equal is set to further bolster its capabilities, enabling the processing of over 55 million monthly transactions with a remarkable 97% success rate in KYC processing for 250+ banking, financial services, and insurance (BFSI) clients across India, the company said in an official release.
In the past, Keshav was a venture capitalist where he led investments in around 30 high-growth technology companies, of which five achieved Unicorn Status (Cred, Upstox, Hive, Genies, and Chipper Cash).
Keshav Reddy, Founder, Equal, said, "This partnership will allow OneMoney and Equal to innovate responsibly for the BFSI sector and create solutions that are rooted in consent-first, privacy-focused financial data sharing, governance, and analysis. Our shared vision is to strengthen data democracy through digitally empowering citizens and MSMEs by enabling them to get cost-effective credit and other financial products."
OneMoney operates under the ownership of FinSec AA Solutions India Private Limited and is licensed by the Reserve Bank of India (RBI). The platform has a substantial presence in the financial sector, holding a 45% market share and serving over 200 Financial Information Users (FIUs).
It plays a crucial role in the open banking ecosystem by providing a secure, compliant data-sharing solution and a robust consent management platform for consumers.
Krishna Prasad, Founder, OneMoney, stated, "We are excited to partner with Equal, a leader in IDsharing. This collaboration not only validates the potential of our platform but also aligns with our shared vision to serve the underserved, enhance financial data security, and democratize financial products in India. We believe that by combining our technologies and expertise, we can drive the next generation of responsible financial innovation."
