Ever wondered why it takes so much time to process a loan, credit card, or insurance policy? Documentation, so there are two problems with this First user has to collect documents from providers like banks, brokers, and other which in itself is a task! Second is the financial service provider has to verify the details and the authenticity of these documents which takes time.
What if I tell you there is a way to solve both the problems with a single solution enter (AA). It is a framework governed by RBI and acts as a bridge between users and financial service providers like banks, NBFCs, Insurance Providers, Investment Platforms etc.
In this blog we will discuss what is Account Aggregator, list of players in this same and how does it help us. So Lets Goo!!
What is Account Aggregator?
Account Aggregators are the middleman between the financial institutions which collects data from user (FIP) and financial institutions use this data to optimize their services (FIU),
This data is only collected after the user gives the consent (via OTP) for it and the system then provides this data to the Financial Information User (FIU).
Financial Information Providers (FIPs)
A FIP is any regulated financial institution that holds a user’s financial data and is authorized to share it with consent. In short, FIPs are the source of data in the AA ecosystem. Which provides the verified information to the requesting institution (FIUs) below is a sample list of companies which are in FIPs and what type of data they provide:
- Banks: HDFC, SBI, ICICI, HSBC, Kotak Mahindra, IDFC, Axis etc. (Savings Account, Current Account and many more)
- Insurance Providers: ICICI Prudential Life, HDFC Life Insurance, SBI Life Insurance etc. (Life Insurance, Health Insurance, etc.)
- Investment Platforms: NSDL, CDSL, ICICI Prudential AMC, HDFC AMC, Navi AMC etc. (Portfolio details, Investment details)
- Provident Funds: PFRDA (PF details)
- National Pension Scheme: HDFC, ICICI, AU SFB, Axis, IDFC, SBI etc. (NPS data)
Financial Information Users (FIUs)
A (FIU) is any regulated institution that receives financial data from an Account Aggregator after a customer gives consent. In short, FIUs are the end-users of data in the AA ecosystem. When a customer approves sharing of their financial records, the FIU accesses this verified information from the FIPs through the AA and uses it. Examples of FIUs include:
- Banks & NBFCs like HDFC, SBI, Bajaj Finserv, Navi Finserv evaluating loan applications using verified account statements
- Insurance companies like SBI Life Insurance, Axis Max Life Insurance reviewing customer details before issuing a policy
- Wealth managers like Jio BlackRock Investment Advisers, Angel One Investment Managers & Advisors recommending investments based on financial profiles
- Fintech platforms like Cred, INDmoney, Jupiter, Fi, Fold these players use the data to provide customized services to their users
Currently AAs adoption is growing rapidly which shows that its not just a concept but a major part of Digital India 2.0, built on the DEPA (Data Empowerment and Protection Architecture). The framework ensures citizens have secure and consent-driven control over their financial information, aligning with the government’s broader vision of a digital-first economy.
How does Account Aggregator helps users?
Lets understand this by an example: Shubham wants to buy an iPhone and he wants to take a loan/EMI for the same, he goes to Bajaj Finance and asks for a loan for his iPhone, Bajaj Finance been a FIU takes consent of Shubham and fetches the data of his bank statements previous loans and repayment history etc. form an Account Aggregator lets say OneMoney.
So the AA provides the data to Bajaj and they verify it instantly as the data is coming straight from the source so very little is required to process the loan and Shubham gets his iPhone with a loan from Bajaj with the help of AA.
If AA was not there then Shubham might had to submit his bank statements, loan records etc and Bajaj would also had to check if the data fits their selection criteria or not which would take days but with the help of AA it is done in seconds, amazing right!
How Many Account Aggregators Are There in India?
As of writing this article, the RBI has granted operating licenses to 16 Account Aggregators, with one more in the pipeline with a in-principle approval. In 2023 only 39 million accounts where linked to the AA ecosystem to now in 2025 its more than 120 million accounts calling it is a good growth would be an understatement.
List of Account Aggregators in India
| Account Aggregator Name | Company / Brand |
|---|---|
| Setu AA | Agya Technologies |
| CAMSFinServ | CAMS |
| Finvu | Cookiejar Technologies |
| CRIF Connect | CRIF |
| Cygnet Account Aggregation | Cygnet |
| Saafe | Dashboard Account Aggregator |
| Digi AA | Digio |
| OneMoney | FinSec AA |
| NADL | NESL Asset Data |
| OMS Fintech AA | OMS Fintech |
| SurakshAA | Protean Account Aggregator |
| Anumati | Perfios Account Aggregation |
| PB Fintech Account Aggregator | PB Fintech |
| TallyEdge | Tally Account Aggregator |
| INK | Unacores AA |
| ScoreMe AA | ScoreMe |
Account Aggregators and their Services
1. Agya Technologies – Setu AA
Setu is a new-age fintech startup, recently acquired by Pine Labs. It is best known for building APIs that connect financial institutions with apps and businesses. Beyond Account Aggregation, Setu has pioneered products in UPI, BBPS bill payments, and recurring payments, making it a backbone for fintech innovation in India. Below are the USP of Setu:
Services:
- Complete AA integration
- TSP for AA, eSign gateway, KYC
Key Clients:
Strength:
- Developer-first approach with strong integrations into financial apps.
Use Case:
- A lending app uses Setu AA to instantly fetch customer bank statements.
Market Focus:
- B2B2C,
- serves businesses and fintechs who deliver solutions to end-users.
User Benefit:
- Faster and paperless loan approvals with personalized recommendations.
2. CAMSFinServ
CAMSFinServ is part of CAMS , the largest mutual fund registrar in India. With decades of trust in handling sensitive investor data, CAMSFinServ brings institutional credibility to the AA space. Below are the USP of CAMSFinServ:
Services:
- Complete AA stack with banks
- insurers
- MFs
- Pension Fund Repository
- GST and other tax platforms
Key Clients:
- Edelweiss Life Insurance,
- City Union Bank,
- Fold Money and many more.
Strength:
- Backed by a financial giant with deep domain expertise.
Use Case:
- A bank requests CAMSFinServ to share verified mutual fund holdings for a loan against securities.
Market Focus: B2B –
- built mainly for banks
- NBFCs, and mutual fund houses.
User Benefit:
- Reliable
- secure
- institutionally trusted for investors.
3. Cookiejar Technologies – Finvu
Finvu is one of the earliest AA startups, known for building a simple and transparent consumer-facing app. Its early entry gave it a wide base of both users and lender partnerships. Below are the USP of Finvu:
Services:
- AA integration
- TSP integration
Key Clients:
Strength:
- D2C app with clear consent flows.
Use Case:
- A salaried professional shares six months of bank statements with a housing finance company through Finvu.
Market Focus:
- B2C
- B2B2C
- direct app for individuals and integrations for lenders.
User Benefit:
- Easy and transparent financial data sharing in just a few clicks.
4. CRIF Connect
CRIF Connect is part of CRIF India, backed by the global CRIF Group from Italy, known for credit bureaus and risk analytics. It leverages global expertise in data and risk management to strengthen India’s AA ecosystem. Below are the USP of CRIF:
Services:
- Complete AA integration
- TSP integration
- Credit reports (parent company).
Key Clients:
- Mahindra & Mahindra Financial Services
- CRIF (group) and many more.
Strength:
- Global credibility in credit risk and analytics.
Use Case:
- A lender verifies a borrower’s repayment history through CRIF Connect before sanctioning a loan.
Market Focus:
- B2B caters mainly to banks, NBFCs, and large institutions.
User Benefit:
- Faster approvals and reduced fraud risks.
5. Cygnet Account Aggregation –SwAAn
Cygnet Infotech is an Legacy SME service provider that expanded into financial services with its AA platform. It has built strong solutions for linking business data like GST returns with financial data, making it especially useful for small businesses. Below are the USP of Cygnet:
Services:
- AA integration
- TSP integration
Strength:
- Focus on SMEs
- enterprise finance.
Use Case:
- A small business shares GST and bank data via Cygnet to apply for working capital.
Market Focus:
- B2B and B2B2B works with banks and fintechs serving SMEs.
User Benefit:
- Makes it easier for businesses to get loans without lots of paperwork.
6. Dashboard AA – Saafe
Saafe is a startup built to give individuals more visibility into how their financial data is used. It focuses on building a simple dashboard that helps people track and control their consents easily. Below are the USP of Saafe:
Services:
- AA integration
- TSP integration
- B2C AA app
Key Clients:
- ICICI Prudential Life Insurance
- Shriram Life Insurance and many more.
Strength:
- User-friendly and focused on personal finance control.
Use Case:
- A user checks who has access to their data and revokes unnecessary permissions.
Market Focus:
- B2C – made directly for individuals.
User Benefit:
- Easy control and better trust in how data is used.
7. Digio Link
Digio is a well-established fintech company with a long history of providing e-signature and e-mandate services in India. Millions of users have already relied on Digio’s backend while signing up with banks, insurers, or fintech apps, making it a trusted player before becoming an AA. Below are the USP of Digio:
Services:
- Complete AA integration
- TSP integration
- Parent Company (NACH mandates, KYC and many more)
Key Clients:
- PayU
- YES Bank
- HDFC Life Insurance and many more.
Strength:
- Trusted by many banks and insurers for digital onboarding.
Use Case:
- An insurer uses Digio to complete both e-sign and financial data sharing during a new policy application.
Market Focus:
- B2B2C – works with banks, fintechs, and insurers.
User Benefit:
- Fewer steps for customers, faster onboarding.
8.FinSec AA – OneMoney
OneMoney is the first licensed AA in India and played a key role in shaping the initial standards of the AA ecosystem. It worked closely with banks and regulators, setting the foundation for how consent-based data sharing works today. Below are the USP of OneMoney:
Services:
- AA integration
- TSP integration
- B2C AA app.
Key Clients:
- Axis Bank
- Bajaj Finserv
- Aditya Birla Finance
- ICICI Prudential Life
- SBI Life and many more
Strength:
- First mover in the AA space with wide partnerships.
Use Case:
- An individual uses OneMoney to send verified bank statements to a lender.
Market Focus:
- B2C and B2B2C – app for individuals, also used by lenders.
User Benefit:
- Simple, tested, and reliable.
9. NESL Asset Data – NADL
NESL (National E-Governance Services Ltd) is a government-backed institution with a long-standing role in India’s compliance systems. Known for managing the Information Utility under the Insolvency and Bankruptcy Code, NESL extends its trusted governance framework into Account Aggregation. Below are the USP of NESL NADL:
Services:
- Complete AA integration only
Key Clients:
- SBI
- ICICI Bank
- Kotak Mahindra Bank
- IndusInd Bank
- Max Life and many more
Strength:
- Backed by government trust and secure infrastructure.
Use Case:
- A corporate borrower shares verified financial data with a bank using NESL.
- Market Focus: B2B and B2B2C – works with large institutions and also through banks for individuals.
User Benefit:
- Strong focus on compliance and safety.
10. OMS Fintech AA
OMS Fintech is a new AA startup that focuses on quick integrations for lenders and NBFCs. It helps new-age digital lenders speed up onboarding with simple data-sharing solutions. Below are the USP of OMS Fintech:
Services:
- AA integration
Strength:
- Fast and focused on new-age lending apps.
Use Case:
- A fintech lender uses OMS Fintech AA to instantly verify customer bank data.
Market Focus:
- B2B2C – built for lenders that serve retail customers.
User Benefit:
- Faster access to loans without physical documents.
11. Protean Account Aggregator – SurakshAA
Protean eGov (formerly NSDL e-Gov) is a pioneer in India’s digital public infrastructure with a long history of handling PAN card services, Aadhaar-based systems, and e-governance platforms. Its AA platform, SurakshAA, builds on this deep experience. Below are the USP of SurakshAA:
Services:
- Complete AA integration
- TSP integration
Key Clients:
- ICICI Prudential Life
- HDFC Life Insurance
- Axis Bank
- Federal Bank and many more.
Strength:
- Legacy of trusted government-linked services.
Use Case:
- A PSU bank uses SurakshAA to fetch customer details for loan processing.
Market Focus:
- B2B and B2B2C – strong with public sector banks and insurers.
User Benefit:
- Trusted option for government-related financial services.
12. Perfios Account Aggregation – Anumati
Perfios is a fintech leader with a long track record in financial data analytics and credit decisioning. For years, it has worked with banks and NBFCs to provide insights, and with Anumati, it extends its expertise into consent-based data sharing. Below are the USP of Anumati:
Services:
- AA integration
- TSP integration
- B2C AA app.
Key Clients:
- Axis Bank
- Kotak Mahindra Bank
- ICICI Prudential Life
- HDFC Life Insurance and many more.
Strength:
- Strong relationships with private banks.
Use Case:
- A lender uses Anumati to fetch income and spending data for loan evaluation.
Market Focus:
- B2B2C – works with banks who then serve individuals.
User Benefit:
- Faster loan approvals based on verified financial insights.
13. PB Financial AA
PB Financial is part of PB Fintech, the parent company of Policybazaar and Paisabazaar. By using its large consumer base in insurance and credit, PB Financial integrates AA services into platforms already familiar to millions of users. Below are the USP of PB Financial:
Services:
- AA integration only
Strength:
- Leverages Policybazaar’s large customer base and tech systems.
Use Case:
- A Policybazaar customer shares financial data for a loan via PB Financial AA.
Market Focus:
- B2B2C – integrated into PB Fintech’s consumer platforms.
User Benefit:
- Smooth experience for users already on Policybazaar.
14. Tally Account Aggregator – TallyEdge
Tally is a long-standing accounting software brand trusted by SMEs across India. With its AA platform TallyEdge, it helps small businesses connect their accounting data directly with lenders, speeding up access to credit. Below are the USP of TallyEdge:
Services:
- Shares ERP data and business records with lenders. AA integration, B2C AA app.
Strength:
- Strong presence among SMEs.
Use Case:
- A business owner shares Tally data with a bank to apply for a loan.
Market Focus:
- B2B and B2B2C – works with lenders serving small businesses.
User Benefit:
- No need to manually prepare financial statements.
15. Unacores AA – INK
Unacores is a startup focused on privacy-first data sharing. Its AA platform, INK, is designed to give individuals full transparency and easy ways to manage or revoke data consents. Below are the USP of INK:
Services:
- AA integration only.
Strength:
- Strong focus on privacy and user control.
Use Case:
- A user shares bank data with a lender and later revokes it easily.
Market Focus:
- B2C and B2B2C – direct for individuals, also works with banks.
User Benefit:
- Full control and peace of mind while sharing data.
16. ScoreMe AA
ScoreMe is a credit analytics company that expanded into Account Aggregation. By combining its credit scoring models with AA services, it helps lenders make quicker and more accurate credit decisions. Below are the USP of ScoreMe:
Services:
- AA integration only.
Strength:
- Expertise in credit risk and scoring.
Use Case:
- A bank checks borrower data and credit score instantly through ScoreMe.
Market Focus:
- B2B – built mainly for banks and NBFCs.
User Benefit:
- Quick and accurate loan assessments.
Upcoming Account Aggregator:
Upmint Solutions
While there are currently 16 licensed Account Aggregators operating in India, one more has received in-principle approval from the RBI Upmint Solutions. This means Upmint is not yet live but has cleared the first step towards becoming a full-fledged AA.
Upmint is a new startup that is expected to focus on making financial data sharing more simple and user-friendly. As a fresh entrant, it will likely bring innovation in how users give consent and manage their data, and also compete with established players to offer smoother integrations for fintechs and banks.
FAQs about Account Aggregators
1. What is an Account Aggregator (AA)?
Ans: An Account Aggregator is a licensed RBI-regulated platform that allows users to share their financial data (like bank statements, insurance, and investments) securely with banks and fintechs after giving consent.
2. How many Account Aggregators are currently live in India?
Ans: As of now, there are 16 licensed AAs operating in India. One more, Upmint Solutions, has received in-principle approval from the RBI but is not yet live.
3. Who is the first licensed Account Aggregator in India?
Ans: OneMoney (FinSec AA) was the first RBI-licensed Account Aggregator in India and played a key role in shaping the AA ecosystem.
4. Who are the top Account Aggregators in India?
Ans: Some of the top Account Aggregators include Setu (Agya Technologies), CAMSFinServ, Finvu (Cookiejar), Anumati (Perfios), SurakshAA (Protean eGov), and NADL (NESL) among others.
5. Which Account Aggregator is best for individuals?
Ans: For individuals, Finvu, OneMoney, INK (Unacores), and Saafe (Dashboard AA) are popular as they offer easy-to-use consumer apps with transparent consent management.
6. Which Account Aggregator is trusted by institutions?
Ans: CAMSFinServ, NESL NADL, and Protean SurakshAA are widely trusted by banks, NBFCs, and insurers due to their strong institutional and governance backing.
7. Which Account Aggregator is focused on SMEs and businesses?
Ans: TallyEdge (Tally), Cygnet AA, and Perfios Anumati specialize in business data sharing such as GST returns, ERP data, and financial records to help SMEs access faster credit.
8. How many more Account Aggregator firms are coming to India in future?
Ans: As of now, only one company has received go ahead from RBI for AA that is Upmint Solutions and they are expected to launch soon with a focus on user-friendly data-sharing experiences.
9. How do I choose the right Account Aggregator for me?
Ans: If you are an individual borrower, apps like Finvu, OneMoney, or INK may suit you best. If you are a business or SME, TallyEdge or Cygnet could be better. For large financial institutions, CAMSFinServ, NESL NADL, or SurakshAA are trusted options.
Conclusion
Right now there are 16 Account Aggregators in India operating and one more has received approval from RBI. Account Aggregator in general is a new concept introduced in 2021 and it is a part of Digital India 2.0 and the DEPA framework.
Account Aggregators give people more control, make borrowing and onboarding faster, and help institutions take better decisions. This ecosystem is set to grow further, opening up easier access to financial services for both individuals and small businesses.
this is a very cool article good job