This comes on the heels of the company
Buying Bengaluru-based cloud lending platform, Finflux, earlier this month. It had also acquired core banking solutions provider BSG ITSOFT in February this year. Earlier, M2P has also acquired card sourcing platform, Wizi, and collection operations service provider, Origa.ai.
According to M2P, the acquisition will help the company with better Aadhaar verification and Know Your Customer (KYC) processes, including identification and onboarding services to financial institutions, as it seeks to add more capabilities to its integrated technology stack.
As part of the deal, Syntizen’s co-founder and CEO vamsi kotte Will assume a product leadership role in M2P, with the team continuing to build on Syntizen’s vision.
Founded in 2014, Syntizen helps financial institutions with identity checks and provides e-KYC, and video KYC services in addition to its Aadhaar verification platform. It allows businesses to obtain customer KYC from anywhere in the country adhering to all regulatory requirements.
“We are certain that the work that the Cinitzen team has done over the years around Aadhaar enabled services and KYC platforms presents a perfect opportunity to overlay the Cinitzen stack on top of our infrastructure to deliver innovative solutions,” said Told. Madhusudanan RCo-Founder and Chief Executive Officer (CEO) of M2P Fintech.
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The company’s tech stack is currently deployed in several state governments apart from financial institutions like Mannapuram Finance, Muthooth Fincorp, Home Loan, and others, where it helps make the entire process of obtaining loans or opening accounts paperless.
“Financial institutions look for solutions to provide a seamless onboarding experience for their clients. Joining M2P Fintech allows us to see M2P as part of the platform of services we offer to rapidly growing clients. Provides an opportunity to accelerate and scale geographically while providing a unified KYC solution.” Cote said in a prepared statement on Tuesday.
Earlier in January,
M2P fintech raises $56 million Led by New York-based global private equity firm Insight Partners, the startup is valued at $600 million. The round also saw participation from MUFG Innovation Partners, Tiger Global and Better Capital.
In October 2021,
The company also raised $35 million To be sure, the fintech firm has raised over $107 million in equity funding from Tiger Global.
Founded in 2014 by Madhusudan R, Muthukumar R and Prabhu Rangarajan, M2P is an application programming interface (API) infrastructure company that helps businesses embed financial services.