PB Financial Account Aggregator: Services, How it Works, Use Cases and Benefits

PB Financial Account Aggregator Pvt. Ltd. is an RBI-licensed Account Aggregator based in New Delhi. Incorporated in 2019, it received its NBFC-AA license in March 2023 and is promoted by Punjab National Bank (PNB), one of India’s largest public sector banks. By extending PNB’s trusted legacy into digital data sharing, PB Financial aims to help individuals and businesses share financial information securely for faster credit and financial services. This article takes a closer look at PB Financial, explaining how it operates within the Account Aggregator ecosystem, the unique services it delivers, and the value it creates for consumers, small businesses, and financial institutions alike.

Overview of PB Financial Account Aggregator and its Services

Aspect	PB Financial Account Aggregator Overview
Parent Organization	Wholly-owned subsidiary of PB Fintech (the company behind PolicyBazaar & PaisaBazaar).
Core Services	NBFC-Account Aggregator services: consent-based sharing of financial data between Financial Information Providers (FIPs) and Financial Information Users (FIUs)
Target Users	Banks, NBFCs, fintechs, insurance providers, mutual funds, investment platforms
Differentiator	Part of PB Fintech’s ecosystem (making use of its existing fintech, insurance & lending marketplace infrastructure) regulatory license as NBFC-AA
Use Cases	Enabling Paisabazaar & lending platforms to access customer financial data for decision-making, personal finance tools, wealth management & FIUs needing data flow simplifying onboarding and risk assessment through verified financial records.
Market Position	License received recently in October 2024, leveraging a strong parent fintech brand.

What is Account Aggregator?

An Account Aggregator is a framework introduced by the Reserve Bank of India (RBI). It allows users to share their financial data digitally and securely, with consent. Instead of uploading documents or statements, users can grant access through a simple and secure process. If you want to learn more Account Aggregator we have made a comprehensive guide.

Services Offered by PB Financial Account Aggregator

For Financial Information Providers (FIPs)

• PB Financial enables banks, insurers, and other financial institutions to act as trusted providers of customer financial information.
• The system ensures that data shared is standardized, secure, and fully compliant with regulatory norms. This helps FIPs maintain trust, reliability, and consistency while serving users across different platforms.

For Financial Information Users (FIUs)

• As part of the PB Fintech group, PB Financial powers platforms like Paisabazaar and other lending partners.
• Through its AA framework, FIUs get access to verified customer financial information such as bank statements and credit history.
• This enables faster and more reliable credit decisions, reduces errors, and lowers the chances of fraud ultimately improving the quality of financial services offered to end users.

How PB Financial Account Aggregator Works ?

PB Financial AA follows a consent-based process that is simple for users and secure for financial institutions. The main steps are:

1. A user applies for a loan, credit card or financial product on an app or website
2. The app requests financial data like bank statements through PB Financial AA
3. A consent screen appears, showing:
   • What data will be shared
   • For what purpose
   • For how long
4. The user selects the accounts to link, enters the OTP and approves the request
5. Setu AA fetches the data from FIP and delivers it securely to the requesting app (FIU)
6. The user can revoke access anytime, stopping further data sharing instantly

Use Cases of PB Financial Account Aggregator

PB Financial is part of the PB Fintech ecosystem and supports lending, credit services, and financial management across its platforms. Built on the AA framework, it enables secure, consent-based data sharing that helps lenders make faster and more accurate decisions. Some of the key use cases of PB Financial include:

• Loan Applications on Paisabazaar
• Credit Access for Thin-File Customers
• Better Risk Assessment for Lenders
• Support for Business Borrowers

By consolidating verified financial data, PB Financial helps new-to-credit customers improve approval chances, supports SMEs in accessing working capital, and powers financial tools like PBMoney for tracking balances and investments. While primarily serving PB Fintech platforms today, it streamlines credit journeys for both individuals and businesses, ensuring speed, accuracy, and control over data consent.

Benefits of Using PB Financial Account Aggregator

Integration with Paisabazaar

A key benefit of PB Financial is its integration with Paisabazaar, where it powers faster and more reliable loan journeys by providing lenders with verified financial data. For customers, this means fewer delays and less paperwork when applying for credit, even though they never interact with PB Financial directly.

Supporting Thin-File Borrowers

Another strength is its role in supporting thin-file and new-to-credit borrowers. By enabling lenders to access income and transaction data through consent, it helps extend credit to individuals and businesses who lack traditional records.

Business-Facing Model

PB Financial is not designed as a consumer-facing product. Instead, it works in the background and is used by businesses, lenders, and platforms that integrate it into their services.

Account Aggregator vs Other Account Aggregators (Setu, CAMSFinServ, OneMoney, Finvu, NADL)

Factor	PB Financial AA	Finvu	Setu	CAMSFinServ	OneMoney	NADL (NeSL)
Network Coverage	Part of PB Fintech headquartered in New Delhi the numbers of FIPs live with is unavailable	Backed by VCs, headquartered in Pune they have 61 FIPs live with them	Backed by Pine Labs, headquartered in Bengaluru and they have 18 FIPs live with them	Part of MF registrar CAMS, headquartered in Chennai with 61 FIPs live.	Headquartered in Hyderabad with the highest number of FIPs live: 88.	Government-backed via NeSL, headquartered in Mumbai with 60 FIPs live.
Data Handling	Provides verified customer financial data (bank statements, credit history) to support credit assessment.	Focus on secure, consented sharing; emphasis on privacy and user control.	Tech-first approach with API-driven infrastructure they are optimized for smooth plug-and-play integrations.	Primarily compliance-focused, handling financial data with high security and oversight.	Provides encrypted real-time data with APIs and SDKs for decision insights.	Acts as a statutory repository of verified financial data with government oversight.
Role & Flexibility	Focused on lending enablement for the thin file users	Acts as an AA catering to fintechs and institutions, also have a in-house TSP	Developer-friendly AA designed for fintech adoption with highly flexible in integrations. Uses the network of Pine Labs for supplementary services	Natural fit for traditional institutions like banks, insurers, and asset managers.	Helps NBFCs with credit risk assessment using multiple data points.	Acts as a statutory repository of verified financial data with government oversight.
Differentiators	Distinct role by combining account aggregation with bureau-driven analytics; focuses on credit evaluation alongside data sharing.	Early VC support & really large number FIPs onboarded 61	Blends regulatory compliance with fintech-first usability, Pine Labs’ backing also connects it to many merchants	Trusted financial record-keeper,  compliance-first with decades of credibility.	First AA in India and with the highest number of FIPs onboarded: 88.	Government credibility ensures high adoption among institutions and statutory players.

Future Roadmap of PB Financial Account Aggregators

Short Term Priorities

• Stronger role in lending: Deeper integration with Paisabazaar to make loan journeys smoother and extend credit access to a wider borrower base.
• Investment advisory and wellness tools: Moving beyond credit support by introducing investment advice and financial wellness features.

Mid Term Priorities

• Expansion into new financial services: Supporting emerging business needs through data-driven solutions for enterprises.
• Linking with payments: Potential integration with PB Pay to combine lending, payments, and advisory within one ecosystem.

Long Term Priorities

• Scaling with PB Fintech’s growth: Expanding influence as PB Fintech broadens into insurance, payments, and healthcare.
• Venturing into healthcare-backed services: Supporting credit and advisory solutions tied to healthcare expenses and offerings.

PB Financial remains one part of PB Fintech’s larger vision to build a diversified financial services platform, not just an Account Aggregator.

FAQs on PB Financial Account Aggregators

1. What is PB Financial?

   PB Financial Account Aggregator Pvt. Ltd. is an RBI-licensed Account Aggregator promoted by PB Fintech, the parent company of Paisabazaar and PolicyBazaar. It enables secure sharing of financial data with consent.

2. When did PB Financial receive its license?

   PB Financial was incorporated in 2019 and received its NBFC-AA license from the Reserve Bank of India in March 2023.

3. Who owns PB Financial?

   PB Financial is part of PB Fintech, the group that operates Paisabazaar and PolicyBazaar.

4. Is PB Financial meant for consumers?

   No, PB Financial is not a direct consumer-facing app. It works in the background and is mainly used by businesses, lenders, and platforms such as Paisabazaar that integrate it into their services.

5. How does PB Financial help borrowers?

   By allowing lenders to access verified financial data with consent, PB Financial helps borrowers get faster loan approvals and improves access for those with little or no credit history.

6. What makes PB Financial different from other Account Aggregators?

   Unlike general AAs that serve a wide variety of use cases, PB Financial is designed specifically to power lending journeys in the PB Fintech ecosystem, especially on Paisabazaar.

7. Does PB Financial store my data?

   No, PB Financial does not store user data. It only acts as a secure channel to transfer information between financial institutions with user consent.

8. What are the future plans of PB Financial?

   PB Financial plans to expand beyond lending support into areas like investment advisory, payments integration, and financial wellness tools as part of PB Fintech’s larger strategy.

9. Can individuals outside Paisabazaar use PB Financial?

   Currently, PB Financial is primarily used within the PB Fintech ecosystem. As the network grows, it may support more external use cases in the future.

10. Is PB Financial safe to use?

    Yes, PB Financial follows the RBI’s Account Aggregator guidelines. All data transfers are encrypted and consent-driven, ensuring security and privacy.

PB Financial, part of PB Fintech’s push into regulated financial services, holds an RBI license and powers lending journeys on the Paisabazaar platform. Unlike many Account Aggregators that focus on individuals or wealth, PB Financial acts as a behind-the-scenes enabler, strengthening credit access and making loan approvals smoother.

Going forward, it is expected to expand beyond lending into investment advisory, financial wellness, and payments integration. While the AA is one piece of the puzzle, PB Fintech’s larger vision is to build multiple verticals and grow as a diversified financial services brand.