Perfios, a fintech firm based in Bengaluru, has acquired Fego.ai, an open finance platform located in Chennai. While the exact amount of the deal has not been disclosed, it is described as more of an “acqui-hire” where Fego’s team will join Perfios. Fego’s co-founder, S. Kumar Srivatsan, will lead the product and business unit, while the other co-founder, S. Kumar Srikanthan, will be part of the strategy team.
Fego, established in 2020, provides an open-finance product stack to developers, offering APIs that enable companies to connect users’ financial accounts and enrich customer experiences. It also helps in understanding users’ financial behavior for various use-cases including lending, know-your-customer, collections, and wealth.
In December 2021, Fego secured $1.5 million in seed capital from investors including 3one4 Capital, Saison Capital, First Cheque, Eximius Ventures, and angel investors like Kunal Shah, Suhail Sameer, Shashvat Nakrani, Lalit Keshre, and others.
Perfios, known for its financial and data analysis software and lending solutions for small and medium businesses, recently raised $229 million in a Series D funding round led by Kedaara Capital. The company plans to expand its footprint in North America and Europe as it continues to grow.
Fego’s integration into Perfios aims to strengthen its position in the digital finance space in India and globally.
