Introduction
In today’s digital era, managing your financial data securely and efficiently is more important than ever. Enter Finvu, an innovative account aggregator app that is transforming how we handle and transmit financial information. In this article, we will delve deep into Finvu’s features, pros and cons, funding details, pricing, and alternatives, offering an in-depth review to help you make an informed decision.
What is Finvu Account Aggregator (Finvu AA)?
Founded in 2017, Cookiejar Technologies Pvt Ltd, operating under the brand name Finvu, is a RBI licensed NBFC Account Aggregator based out of Pune, India. With a founding team possessing a collective experience of over 50 years in banking technology, Finvu has crafted its niche in organizing, consolidating, and presenting financial information for customers and various financial information users. The company has established partnerships with multiple banking institutions, NBFCs, and wealth managers who are the early adopters of the Account Aggregator ecosystem. Finvu, currently available as an Android App, can be used for facilitating lending, personal finance management, collections, and wealth management by giving a more comprehensive and real-time view of the customer’s financial health and data.
What are Account Aggregators?
The Account Aggregator (AA) framework, an initiative by the Reserve Bank of India, is a tool to make financial data easily accessible. It introduces entities known as Account Aggregators, licensed by the RBI, to help share your financial data securely. This data sharing takes place between a Financial Information Provider (FIP) holding your data, and a Financial Information User (FIU) needing it, but only with the user’s permission. What’s unique is that these AAs don’t see or store the user’s data. The AA framework connects different financial entities, all regulated by authorities such as the RBI, IRDA, PFRDA, and SEBI. Recently, even GSTN can share GST information through this system. The goal is to kickstart open banking in India, making it easy for millions to access and share their financial data digitally, securely, and efficiently. With AA, the user is in control. The user decides what bank account details to share, for how long, and for what purpose. If the user changes their mind, they can withdraw their consent. For a deeper understanding of the Account Aggregator system in India, check out our blog on Account Aggregators (AAs) in 2023.
How does Finvu Work?
End users who wish to share their information for availing a financial service or product can start using Finvu by following these easy steps:
- Registration: First, users need to register on the Finvu app. Upon registration, they receive a unique Virtual User Address (VUA), or an AA ID (for example, you@finvu).
- Linking Accounts: After registration, users link their financial accounts through the Finvu app. This process is secure, and no account credentials are stored by Finvu. Accounts are authenticated directly by the financial institutions.
- Consent Provision: Once accounts are linked, users can provide consent to share their financial information with the financial institutions of their choice. This can be done through the app, and users can view their aggregated account balances and transactions.
Financial Information Users can request customers for a consent to get their financial data for providing financial services or products by following these easy steps:
- Initiate Consent Request: Financial Information Users, like banks or NBFCs, request consent from customers to access their financial data by asking the customer for their Finvu VUA. The customer is notified on the Finvu app to review and approve.
- Real-time Data Access: Once consent is given, Financial Information Users can fetch the financial data in real-time over a secure channel. This data can then be analysed and used to provide financial services to the customer.
Key Features
- Finvu AA API allows financial institutions to get access to customer financial data in a secure, consented manner to provide personalized experiences.
- Finvu ConnectHub acts as a gateway into the Account Aggregator ecosystem, designed specifically for institutions that wish to serve as Financial Information Providers.
- Finvu Finsense is a platform for Financial Information Users that provides insights into customer data, auto-routing of requests to any Account Aggregator, and more.
Pros
- Available as an Android App.
- Finvu works with most leading banks and financial institutions.
- The Finvu platform boasts of a secure, consent-based data sharing system.
- Users can manage their consents on the Finvu app, giving them full control over their financial data. Finvu assures that all data is encrypted, both at rest and in transit. There are no credentials of the user’s financial institution stored on the platform.
Cons
- Not yet available as an iOS app or Web app.
- Certain financial institutions are not yet working with Finvu as partners.
- Certain users have complained about difficulties in linking certain bank accounts and the app not providing a seamless data refresh experience.
Is the Finvu app safe?
According to Finvu, your data is safe. Here is a list of safety features and provisions associated with Finvu app:
- Regulated by RBI: Finvu is a licensed NBFC Account Aggregator by the Reserve Bank of India (RBI), which provides the app with a strong regulatory framework to adhere to, ensuring the safety of user data.
- Consent-based data sharing: The Finvu app only shares user data based on explicit consent. The user has the power to choose when and with whom the financial data is shared.
- No storage of sensitive data: Finvu does not store any sensitive information such as the user’s account credentials on their system, thus minimizing any risk of data theft.
- Data Encryption: All the data shared through Finvu, both in transit and at rest, is encrypted using robust algorithms.
- Direct Interaction with Financial Institutions: The data shared comes directly from the user’s financial institutions, further ensuring the accuracy and safety of the data.
Finvu Funding and Key Investors
According to Tracxn, Finvu has successfully secured a total funding amount of $2.5 million. The entirety of this funding was raised in a single round – a Seed round that took place on July 4, 2022. This round saw the participation of six investors, led by M2P Fintech. Finvu’s investor portfolio consists of seven institutional investors. M2P Fintech, IIFL Finance, and OneScore are some of the key names among them.
Finvu’s Pricing
Finvu’s services are free for customers and the app is free to download. Finvu charges Financial Information Users (FIUs) on a per-transaction basis. The charges range from Rs. 20 to Rs. 30 per data fetch. However, Finvu also offers preferred and standard pricing based on volumes that can be obtained by contacting Finvu.
Finvu Contact Details: E-mail ID and Office Address
Finvu E-mail ID: [email protected]
Finvu Office Address:
2nd Floor, Sampada Building, SB Road,
Pune, India, 411016
Finvu Account Aggregator’s Alternatives and Competitors
- CAMSFinServ
- CRIF Connect Private Limited
- Dashboard Account Aggregation Services Private Limited (app called Saafe)
- FinSec AA Solutions Private Limited (app called OneMoney)
- NESL Asset Data Limited (NADL)
- Protean eGov Technologies Limited (formerly NSDL E-Governance Infrastructure Limited) (app called Protean SurakshAA)
- Perfios Account Aggregation Services Pvt Ltd (app called Anumati)
- PhonePe Technology Services Private Limited
- Unacores AA Solutions Private Limited
- Yodlee Finsoft Private Limited
For a detailed comparison of Finvu with alternative account aggregator apps, click here.
Review of Finvu
Rating: ★★★★☆
Finvu provides an innovative solution to the complex task of managing and sharing financial data. As an RBI licensed NBFC Account Aggregator, it establishes a secure bridge between financial institutions and users, facilitating quick, reliable, and consented data sharing. Onboarding the app is seamless, and the creation of a unique VUA (Virtual User Address) enhances the identity management process. Finvu’s consent-based approach to data sharing is noteworthy, putting users in total control of their data. The real-time updates of financial information, alongside the consolidated view of the aggregated financial health, make Finvu a versatile personal finance tool. Finvu’s data security provisions are reassuring, with encryption and no storage of sensitive information. However, some users have reported issues with linking certain bank accounts, and periodic software glitches have affected the overall user experience. The refresh functionality needs optimization, and the addition of more financial institutions would benefit a larger user base. While Finvu is available as an Android App, its iOS App and Web App are yet to be launched. Despite minor issues, Finvu is a promising entrant to the financial tech sphere, revolutionizing the way users and institutions handle financial data. With ongoing improvements, Finvu can become an essential tool for personal finance management.