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Cred to apply for account aggregator licence in India

Friday 4 March 2022 13:55 CET | News

Dreamplug Technologies, which operates fintech startup Cred, has decided to apply for an account aggregator (AA) licence from the Reserve Bank of India (RBI), according to The Economic Times.

 

Dreamplug AA Tech Solutions, an entity it incorporated in January 2020, is seeking to apply for an account aggregator licence, according to regulatory filings. An account aggregator (AA) is a type of RBI regulated entity that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network.

A payments aggregator enables merchants to receive digital payments from multiple platforms without having to enter into individual tie-ups with service providers. Its latest regulatory filings show that the company has incorporated Dreamplug PayTech Solutions to acquire the payments aggregator licence.

The company is reportedly in talks with global investors currently to raise up to USD 350 million as part of a fresh funding round, which is expected to increase the fintech firm's valuation to over USD 6 billion, multiple people aware of the discussions confirmed to ET.


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Keywords: startup, fintech, Open Banking, data aggregation, banking license
Categories: Banking & Fintech
Companies: CRED, Reserve Bank of India
Countries: India
This article is part of category

Banking & Fintech

CRED

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Reserve Bank of India

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