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Fego.ai scores $1.5 Mn in seed round

The startup, which is one of the earliest open-finance players in India, plans to use the funds to strengthen and expand its developer offerings, build its team as well as augment the pace towards the public launch of its offerings.

Fego

3one4 Capital, Saison Capital, Eximius Ventures, First Cheque, and Speciale Invest have all invested $1.5 million in fintech platform Fego.ai.

The money will be used to strengthen and expand the startup’s developer services, as well as to grow its team and accelerate the debut of its products to the general market.

Fego, which is set to launch in 2020, is an open-finance product stack that allows developers and businesses to integrate informative financial experiences and personalise user involvement. Its APIs allow businesses to build on top of Fego to connect users’ bank accounts, enrich customer experiences, and understand users’ financial behaviour across use-cases such as lending, KYC, collections, and wealth management.

The Chennai-based company competes with open-finance businesses including Mx.com, Tink, Truelayer, and Flinks, as well as fintech startups, financial institutions, and consumer internet companies.

In the Indian QSR market, the company is aiming for a $3.65 billion opportunity.

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