PB Fintech to acquire MyLoanCare

PB Fintech, the owner of Policybazaar and Paisabazaar will acquire Gurugram-based loan marketplace MyLoanCare for Rs 40.41 crore.

The acquisition will be completed in six months in two stages. In the first tranche, it will acquire 25 percent of shares of MyLoanCare and will increase the stake further to 70.10 percent through primary allotment.

"The incorporation will leverage the facility without external dependency on other Account Aggregators for information gathering, revenue housing and offer seamless solutions," the filing said.

With an in-house Account Aggregator platform, PB Fintech will be able to allow faster exchange of information among banks and NBFCs and customers seeking loans. The company said in the exchange filing that it will apply to the Reserve Bank of India (RBI) for the AA license and it expects the subsidiary to be set up in nine months’ time.

Account Aggregator is a technology service provider that shares a customer’s information with institutions or any other person as per the instruction of the customer (consent-based infrastructure). The financial information of the customer cannot be used for any other purpose by the Account Aggregator.

MyLoanCare allows customers to compare various loan products and interest rates, similar to what PB Fintech’s Paisabazaar does.