India's FinTech Gears Up: Rs 50 Cr Boost for Data Sharing

Sahamati, a key industry alliance for India's Account Aggregator (AA) ecosystem, recently secured Rs 50 crore in funding. This capital infusion came from over 30 financial sector institutions, underscoring a unified commitment to expanding the AA network.

The funds will be strategically utilized to deepen participation within the ecosystem, reinforce existing technical and policy structures, and build the necessary institutional capacity for future growth. Sahamati facilitates secure, consent-driven sharing of financial data between various entities like banks and insurance companies.

This investment represents a coordinated industry effort to develop regulated digital public infrastructure. This infrastructure is crucial for enabling consent-based financial data sharing, thereby empowering consumers and fostering innovation in financial services and product design.