PhonePe Launches Account Aggregator Services
The account aggregator service has been built as a micro-app within the larger PhonePe app.
PhonePe Pvt. announced the launch of its account aggregator services through its wholly owned subsidiary PhonePe Technology Services Pvt. on Tuesday.
This comes after the company received the NBFC-AA license from the Reserve Bank of India in August last year.
"The account aggregator service will allow Indian consumers to consent to and share all their financial data, such as bank statements, insurance policies and tax filings, with regulated financial institutions or FIUs (financial information users) for several use cases, such as applying for loans, buying new insurance, getting investment advice, etc," it said.
PhonePe has tied up with financial information providers such as Yes Bank, Federal Bank and AU Small Finance Bank as part of the launch.
"Several other FIPs, including large banks, are likely to get integrated before the end of June," the company said.
The account aggregator service has been built as a micro-app within the larger PhonePe app.
The Bengaluru-based fintech, valued at $12 billion, is at the closing stages of a $1-billion fundraising exercise. It has already raised $850 million of primary capital from investors such as General Atlantic, Ribbit Capital, Tiger Global Management LLC and TVS Capital Funds.
