Mumbai: Paisabazaar has launched PBMoney, a personal finance management platform aimed at providing a unified financial overview, investment advisory, and data-driven insights to help users manage their finances. This follows the company’s arm PB Financial Account Aggregator receiving an RBI licence to operate as an NBFC account aggregator.
Account aggregators are entities that facilitate consent-based financial data sharing between financial entities. Access to customer data from multiple instituitons can be used by personal finance platforms to help individuals get a unified view of their money and suggestions on investment. It can also be used to extend competitive loans. Once a prospective borrower gives a consent, any bank or financial institution must provide full access to the customers transactions to the lender that the customer has approached.
PBMoney integrates with the Account Aggregator framework, allowing users to consolidate financial data from multiple sources. The platform enables consumers to track bank accounts, mutual funds, and stock portfolios while offering personalised and actionable insights. The platform uses algorithms and data analytics to power its advisory services and provide tailored investment recommendations.
PBMoney operates independently of execution and transactions, allowing users to implement recommendations on platforms of their choice. It aims to simplify financial management by offering transparency and consumer-centric services. Portfolio rebalancing ensures alignment with financial goals, while upcoming updates will integrate insurance coverage data and GST filings for a more comprehensive financial overview.
Paisabazaar, is the largest marketplace for consumer credit. The launch of PBMoney extends its services beyond credit management, by improving financial literacy and helping consumers optimise savings and spending through disciplined investment habits. Paisabazaar is part of PB Fintech, which has been listed on Indian stock exchanges since 2021.
