Indian private sector lender ICICI Bank has reportedly agreed to acquire a 9.65% interest in fintech firm Thillais Analytical Solutions in a deal worth INR11m ($150,895).
Thillais runs a neo-banking platform Vanghee that offers connected banking solutions to corporates and MSMEs, enabling banks to strengthen their relationship with their clients.
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Under the agreement, ICICI will acquire ten equity shares and 100 CCPS (compulsory convertible preference shares) in the fintech, reported PTI.
The deal is anticipated to complete by the end of next month.
Recent ICICI moves
In December last year, ICICI launched an online platform named Infinite India.
The platform, which offers various banking solutions and value-added services, is designed to help foreign businesses seeking entry or expansion in the Indian market.
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By GlobalDataIn the same month, fintech firm Aceware Technologies tapped ICICI to launch doorstep ATM service in India in the wake of the ongoing Covid-19 pandemic.
Last December, ICICI also rolled out its interoperable banking app, iMobile Pay. Available to customers of all banks, the app enables customers to pay to any Unified Payments Interface (UPI) ID or merchants, make bill payments and do online recharges..
Earlier in 2020, the bank introduced a voice recognition service for its retail banking customers by integrating its AI chatbot iPal with Amazon Alexa and Google Assistant.
