Mumbai: PB Fintech, who operates Policybazaar, said on Monday that the company’s board had cleared the proposal to obtain up to 70.1% shares in MyloCare.
The Board also cleared the proposal to establish a new company to do an account aggregator business.
Myloancare-based Delhi is engaged in the source business and service of financial products, producing direction for banks and financial institutions, developing software and providing services in connection with data processing, financial data analysis, information systems and data communication systems.
PB Fintech initially will get 24.9% of the shares in MyloCare after intimacy to the RBI.
Furthermore, the company will increase its ownership to 70.1%.
It is said that he aims to complete the acquisition within six months for cash considerations.
The account aggregator entity (AA) will carry out activities to take or collect financial information relating to customers.
This information will be provided in a way that can be used to customers or other entities instructed by customers.
The RBI has created a AA framework to enable customers from financial institutions to get services from other financial institutions they choose by sharing their transaction history.
PB Fintech said that he aims to prepare a new account aggregator (AA) NBFC as a well-owned subsidiary in nine months.
“AA must be licensed by the RBI.
Merger will utilize facilities without external dependence on other account aggregators for information gathering, cost savings / income savings and offer seamless solutions,” said the company in submission.
Ncubate capital partners A Gurgram-based SAR group arm has invested Rs 6.5 Crore at my financial care advisor, which operates MyloCare.