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Kfin Plans To Buy Majority Stake In Fintech Products and Solutions

Kfin has already bought a 25 per cent stake in Fintech Products for Rs 6.50 crore and may take an additional 50 per cent stake for the remaining amount over the next 2-3 months

Kfin Plans To Buy Majority Stake In Fintech Products and Solutions

Press Trust Of India

POSTED ON February 25, 2023 2:52 PM

Financial services platform href="https://startup.outlookindia.com/sector/fintech/kfin-technologies-shares-make-tepid-market-debut-list-on-flat-note-news-7008"> Kfin Technologies on Friday said it plans to invest up to Rs 22.60 crore to acquire a majority stake in Fintech Products and Solutions which runs India's first account aggregator Onemoney.

Kfin has already bought a 25 per cent stake in Fintech Products for Rs 6.50 crore and may take an additional 50 per cent stake for the remaining amount over the next 2-3 months, according to a regulatory filing.

In a statement, Kfin said the deal will help it expand into the technology service provider and account aggregator space.

"We are focusing on expanding our portfolio of products and solutions to foster the financialisation of India's economy," the company's managing director and chief executive Sreekanth Nadella said.

The Kfin scrip closed 1.46 per cent up at Rs 296.30 a piece on the BSE, as against a 0.24 per cent correction on the benchmark.
 

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