Account Aggregation: the next UPI | Fego
In the West, the big tech companies own the platforms that run the digital rails of the economy. In India, the government is building neutral frameworks which tech companies can plug into and run the rails of the digital economy.
The best-known example of this has been the UPI, but the fintech industry is even more excited about the Account Aggregator framework.
Account aggregation is a process that enables one to gather all their financial data from multiple sources into a single location. This technology is set to change our relationship with finance fundamentally.
In this episode, I spoke with Kumar Srivatsan, founder of Fego, a platform that is building products around the account aggregator framework.
Kumar is a second-time entrepreneur whose first venture OptaCredit was a data-driven socially responsible new-age lender committed to creating practical and new-age financial products for white-collared employees across India.
With Fego, he hopes to empower India's fintech ecosystem by solving complex compliance & engineering overheads. Fego is an Open-finance platform that offers a full-stack solution to developers to connect their customers' financial accounts, get insights, and uncover trends to determine what drives their users' financial behavior.
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Some of the things he shared:-
Why second-time founders are valued
Learnings from the first venture
Two types of lending models
History of the account aggregation framework
Reasons for multiple account aggregator operators
Finance is no longer a separate vertical but an embedded feature
Additional readings:-
Open-Finance Platform Fego.Ai Snags Seed Capital From 3one4 Capital, Kunal Shah, Others
30 Startups To Watch: The Startups That Caught Our Eye In January 2022
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Mail me at ad@thepodium.in with your comments & feedback or if you just want to hear my comments on your startup idea - I love getting your emails!
Until the next founder's thesis📕,
Your host, AD