Equal, an identity verification startup, has made a strategic investment in OneMoney, a Hyderabad-based account aggregator platform.
The partnership between OneMoney and Equal facilitates over 55 million monthly transactions and boasts a 97% success rate in KYC processing across 250+ banking, financial services, and insurance (BFSI) clients across India.
Commenting on the partnership, Keshav Reddy, Founder of Equal, stated, “This partnership will allow OneMoney and Equal to innovate responsibly for the BFSI sector and create solutions rooted in consent-first, privacy-focused financial data sharing, governance, and analysis. Our shared vision is to strengthen data democracy by digitally empowering citizens and MSMEs with cost-effective credit and other financial products.”
“This collaboration not only validates the potential of our platform but also aligns with our shared vision to serve the underserved, enhance financial data security and democratise financial products in India,” said Krishna Prasad, founder, OneMoney.
OneMoney operates under the ownership of FinSec AA Solutions India, is India’s first account aggregator and is licensed by the Reserve Bank of India (RBI). The platform has a substantial presence in the financial sector, holds a 45% market share and serves over 200 Financial Information Users (FIUs).
Equal, co-founded by Keshav Reddy and Rajeev Ranjan, former Director of Engineering at Swiggy, offers a platform for users to store, manage, and share documents like PAN cards, driver’s licenses, and other government-issued IDs.
Equal is known for its consent-first and privacy-focused ID-sharing platform and is already working with 50 of India’s top 200 companies, making it a key player in secure and compliant ID-sharing solutions.
In the past, Keshav, founder of Keshav Reddy was a venture capitalist where he led investments in around 30 high-growth technology companies, of which five achieved Unicorn Status (Cred, Upstox, Hive, Genies, and Chipper Cash).
