KFin Technologies soars on planning to invest into Fintech Products and Solutions
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KFin Technologies is currently trading at Rs. 295.25, up by 3.20 points or 1.10% from its previous closing of Rs. 292.05 on the BSE.
The scrip opened at Rs. 293.50 and has touched a high and low of Rs. 299.95 and Rs. 293.50 respectively. So far 3437 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 372.40 on 29-Dec-2022 and a 52 week low of Rs. 290.25 on 03-Feb-2023.
Last one week high and low of the scrip stood at Rs. 324.35 and Rs. 290.45 respectively. The current market cap of the company is Rs. 5002.40 crore.
The promoters holding in the company stood at 49.91%, while Institutions and Non-Institutions held 31.97% and 18.11% respectively.
KFin Technologies has planned to invest into Fintech Products and Solutions India (FPSIPL), a Technology Service Provider (TSP) having a wholly owned subsidiary, FinSec AA Solutions, India’s first Account Aggregator, licensed by Reserve Bank of India (RBI). The partnership will help KFintech venture into TSP and AA business as it looks to diversify beyond its current offerings across asset classes in the financial services ecosystem.
MoneyOne, the brand of FPSIPL, is in the business of providing technology solutions for the BFSI sector. Their primary offering, as a TSP, is to provide a platform for enabling data sharing, data governance and analysis, and related solutions to the clientele in the BFSI domain. OneMoney, the brand of FPSIPL’s wholly owned subsidiary, is India's first Account Aggregator (AA), with an NBFC AA license from the RBI. OneMoney is a leading player with over 45% market share in a competitive and emerging Account Aggregator domain.
After this investment, KFin Technologies will own 25.63% of the post-issue equity share capital of FPSIPL. KFintech can acquire additional equity share capital of FPSIPL, taking its aggregate shareholding in FPSIPL to 75.01%, subject to the satisfaction of customary closing conditions and receipt of regulatory approvals.
KFin Technologies provides services and solutions to intermediaries operating in the capital market ecosystem such as mutual funds (MF), alternative investment funds and wealth management firms.
