Equal, an ID-sharing platform founded by Keshav Reddy, has announced a strategic investment in India’s leading account aggregator, OneMoney, which currently holds a 45% market share in the sector. The collaboration between these two companies aims to drive innovation in the BFSI (banking, financial services, and insurance) sector, with a focus on privacy, consent-first governance, and financial data sharing.
Commenting on the partnership, Keshav Reddy, Founder of Equal, stated, “This partnership will allow OneMoney and Equal to innovate responsibly for the BFSI sector and create solutions rooted in consent-first, privacy-focused financial data sharing, governance, and analysis. Our shared vision is to strengthen data democracy by digitally empowering citizens and MSMEs with cost-effective credit and other financial products.”
The partnership between OneMoney and Equal facilitates over 55 million monthly transactions and boasts a 97% success rate in KYC processing across 250+ BFSI clients nationwide. OneMoney, which holds an RBI NBFC-AA license, is India’s first account aggregator and leads the domain with its significant market share, serving more than 200 financial information users (FIUs).
Equal, known for its consent-first and privacy-focused ID-sharing platform, is already working with 50 of India’s top 200 companies, making it a key player in secure and compliant ID sharing solutions.
Krishna Prasad, Founder of OneMoney, shared his enthusiasm about the collaboration, stating, “We are excited to partner with Equal, a leader in ID sharing. 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.”
The alliance is set to play a crucial role in advancing financial inclusion and data privacy in India, positioning both Equal and OneMoney as leaders in responsible innovation within the financial technology space.
