Though the deal's exact value remains undisclosed, it is characterized as more of an "acqui-hire." As part of the agreement, Fego's 30-member team will integrate into Perfios, with co-founder S. Kumar Srivatsan leading the product and business unit, and co-founder S. Kumar Srikanthan contributing to the strategy team.
In a statement, Perfios stated, "This acquisition enhances our capabilities to provide comprehensive financial solutions."
This development underscores Perfios' commitment to strengthening its presence in the fintech sector, with a focus on expanding its financial software offerings.
Chennai-based Fego.ai enables user-facing entities to extract behavioral financial insights from banking transactions and engage users with contextual financial experiences.
Utilizing the Account Aggregator Framework initiated by the Reserve Bank of India, Fego.ai securely connects thousands of customers' bank and financial accounts, providing actionable data to financial institutions nationwide.
With backing from investors such as Saison Capital, 3one4 Capital, and others, Fego.ai has secured $1.5 million in funding since its establishment in 2020.
Perfios, known for its financial and data analysis software, recently raised $229 million in a Series D round and aims to expand its global presence. This acquisition signifies Perfios' commitment to pioneering digital finance in India and beyond.