Bengaluru-based fintech Perfios on Thursday announced that it has ‘acquihired’ Chennai-based open finance platform Fego.ai for an undisclosed amount.

By definition, acquihire refers to the process of buying a company for the skills or knowledge of its human resources as opposed to for its products or solutions. 

Founded by S Kumar Srivatsan and S Kumar Srikanthan in 2020, Fego.ai is an open-finance startup and a technology service provider that enables financial institutions to gather behavioural financial insights about their users based on their banking transactions.

The start-up serves banks, lenders, fin techs, and other players in the financial ecosystem. It counts 3one4 Capital, Saison Capital, Eximius Capital, SpecialeInvest, First Cheque, Kunal Shah as some of its key Investors.

In a press statement, S Kumar Srivatsan, Co-Founder, Fego.ai, said, Fego.ai solutions will complement Perfios’ product offerings and expertise across varied financial institutions across the globe.

Founded in 2008, Perfios is a B2B SaaS company serving the BFSI industry across 18 countries. The company’s solutions help financially in their origination, onboarding, decisioning, underwriting and monitoring processes. The company claims to have delivered 8.2 billion data points to banks and financial institutions every year, enabling faster decision making, and processes 1.7 billion transactions a year with an AUM of $36 billion.