fintech start up M2P, which specializes in providing digital banking infrastructure to firms as well banks, acquired Credit Card sourcing startup Theft, co-founder of m2pMadhusudan R told ET. NS takeover It is expected to strengthen its plug and play credit card platform.

Sources close to the development said the deal was a mix of cash and stock, and that Vizi was valued at around $5 million. M2P’s founders declined to comment on the specifics of the deal.

Chennai-based M2P, also known as Yap, earlier this year launched a programmable credit card platform that enables banks and fintech firms to offer customizable corporate and commercial credit cards to their customers through application programming. Allows interfaces (APIs) to be onboarded and used.

Madhusudan said the objective of the acquisition is to consolidate this piece.

Wizi is a credit card-focused fintech firm that, through its programs, provides digital services to the credit card customers of banks.

It manages both the sourcing and management of credit cards, be it benefits, offers, management of revolving credit and much more. The company said it has 300,000 users through its app.

“We launched the programmable credit card stack in March this year and in the first 6 months we tied up with over half a dozen banks; We realized that most banks in the card issuance space lacked digital origination capabilities, as well as that most existing products lack a basic mobile interface for customers to manage their credit card accounts – Vizi bridges both these gaps. Completes elegantly,” Madhusudan said.

He added that Wizi’s three co-founders and about 20 of its employees are ready to join M2P’s team.

M2P raised $10 million in its last funding round in March 2021, led by Florish Ventures and Omidyar Network.

The startup has raised $15 million so far and counts Binext, Better Capital and angel backers such as BharatPe’s Ashneer Grover, IndiFi’s Alok Mittal, Pine Lab’s Amrish Rao and Cred’s Kunal Shah as investors.

The firm was founded in 2014 by Madhusudan, Muthukumar A and Prabhu R.

The startup specializes as an API infrastructure company that helps businesses connect and roll out their own branded products.

The firm said it works with over 500 fintech firms, internet platforms, banks and financial institutions as product providers, end-to-end in services including debit, credit, prepaid, QR, Unified Payments Interface and other payment solutions. Provides -end program management services.

Its API products have been used by top tech companies like Ola, Slice, Cred, Razorpay.