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.
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.
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!!
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).
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:
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:
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.
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!
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.
| 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 |
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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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.
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.
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.
Ans: OneMoney (FinSec AA) was the first RBI-licensed Account Aggregator in India and played a key role in shaping the AA ecosystem.
Ans: Some of the top Account Aggregators include Setu (Agya Technologies), CAMSFinServ, Finvu (Cookiejar), Anumati (Perfios), SurakshAA (Protean eGov), and NADL (NESL) among others.
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.
Ans: CAMSFinServ, NESL NADL, and Protean SurakshAA are widely trusted by banks, NBFCs, and insurers due to their strong institutional and governance backing.
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.
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.
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.
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.