India: Leading financial infrastructure for mutual funds, Computer Age Management Services Limited (CAMS) has acquired majority stakes in a digital-focused FinTech startup, Fintuple Technologies Private Limited, for an undisclosed amount. The acquisition by CAMS is intended towards strengthening alternative investment funds (AIF) and portfolio mergers (PF) with the addition of Fintuple’s portfolio of offerings. The partnership can help address the challenges in an investor’s journey starting from the onboarding process arising from the siloed systems to lack of exchange of data and redundancy in account opening across financial institutions. Besides, the investment would strengthen CAMS’ position as the leading provider of technology solutions in the market, especially for e-KYC and Digital Onboarding, and drive the company’s vision to provide technologically superior products in the BFSI space.

Fintuple Technologies is a new-age startup company founded in 2018 that provides niche technology solutions in the areas of digital client onboarding, fund data, fact sheets, analysis, and other digital support frameworks in AIF and PMS. Fintuple has included marquee AIF brands and banks to its client roster within a short span. The startup plans to extend its support for connecting tech-savvy customers with digitally enabled manufacturers and providers through an application programming interface (APIs). CAMS’ AIF platform currently serves more than 120 clients across all domains such as investor servicing, fund accounting, and digital and value-added services.

Addressing the acquisition, CAMS' Managing Director commented, “We expect the AIF and PMS markets to grow at a CAGR of more than 20% over the next decade, and hence found investing into Fintuple as a great opportunity that will assist CAMS and Fintuple in building overall market reach and driving innovation. The Fintuple solution suite will enhance our capability to meet the bespoke requirements of our clients with ease and speed. The acquisition will further drive CAMS’ vision of providing technologically superior products in the BFSI space, specifically to the rapidly growing AIF and PMS segment.”

Commenting on the rising number of consolidations in the BFSI space, TechSci Research Director, Mr. Karan Chechi, said, “FinTech APIs continue to reshape the future of financial services, providing people the convenience to manage their finances from home. Besides, Gen Z and successors have high expectations for managing their online experiences, and such collaborations between FinTechs can help the BFSI sector grow. The AIF and PMS markets are expected to register a CAGR of more than 20% by 2030; thus, institutions are making investments to enhance ease and speed for clients in financial operations.”

According to TechSci Research report on “India Banking Market By Type (Public Sector and Private Sector), By Banking Sector (Retail Banking, Commercial Banking, Central Banks, Investment Banking and Others), By Company and By Geography, Forecast & Opportunities, 2024”, India Banking market is expected to grow at a robust growth during the forecast period. The growth can be attributed to growing digital payment system in the country and entrance of foreign banks in the Indian market.

According to another TechSci Research report on “India FinTech Transactions Market By Payment Modes (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services (Payments, Fund transfer, Personal Finance, Loans, Insurance & Others), By Application (Banking, Insurance, Securities & Others), By Region, By Top 10 States, Competition Forecast & Opportunities, FY2017-FY2027”, India FinTech transactions market is anticipated to grow at a formidable CAGR during the forecast period. The growth can be attributed to the advancements in financial technologies and digital enhancements.