Keshav Reddy, founder of the identity verification startup Equal, has made a strategic investment in OneMoney, a Hyderabad-based account aggregator platform. The investment amount remains undisclosed, but it marks a significant partnership between the two companies.
The collaboration between OneMoney and Equal is already facilitating over 55 million monthly transactions, with a 97% success rate in KYC processing for over 250 clients in the banking, financial services, and insurance (BFSI) sector. This partnership is expected to drive innovation in the BFSI sector, focusing on consent-first, privacy-centric financial data sharing, governance, and analysis.
Reddy emphasized that the shared vision of both companies is to strengthen data democracy by digitally empowering citizens and MSMEs, enabling them to access cost-effective credit and other financial products.
Equal, co-founded by Reddy and Rajeev Ranjan, former Director of Engineering at Swiggy, provides a platform for users to store, manage, and share documents like PAN cards, driver’s licenses, and other government-issued IDs. The platform caters to various sectors, including hospitality, finance, insurance, and healthcare, and currently partners with 50 of India’s top 200 companies.
OneMoney, holding an RBI NBFC-AA license, leads the account aggregator market with a 45% market share and serves over 200 financial information users. The platform offers a consent management solution for consumers and a secure data-sharing service for financial institutions, playing a critical role in the open banking ecosystem.
Krishna Prasad, founder of OneMoney, noted that the collaboration with Equal not only validates the potential of their platform but also aligns with their shared vision of serving the underserved, enhancing financial data security, and democratizing financial products in India.
This strategic investment comes at a time when new rules for the Digital Personal Data Protection (DPDP) Act are expected to be introduced, reflecting the recent Union government’s focus on data protection and privacy.