M2P Fintech, Startup, Identity Verification, Syntizen, Tiger Global, Beenext, Flourish Ventures, Omidyar Network India, 8i Ventures, DMI Group, Sparkle Fund, Vamsi Kotte
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Financial infrastructure provider M2P Fintech acquired Syntizen, an identity verification service provider. As part of the deal, Syntizen’s co-founder and CEO, Vamsi Kotte, will assume a senior product leadership role at M2P.
This development follows the startup’s recent acquisition of Bengaluru-based cloud lending platform Finflux in July 2022 and core banking solutions provider BSG ITSOFT in February 2022. Last year, it acquired card platform Wizi and collection services provider Origa.ai. .
MP2 stated that these acquisitions would help it add more capabilities to its integrated technology stack and provide better services to financial institutions. This includes Aadhar verification and know-your-customer (KYC) processes.
Madhusudanan R, Co-Founder and CEO of M2P Fintech, said, “We are confident that the work Syntizen’s team has done over the years around Aadhaar-enabled services and the KYC platform provides a perfect opportunity to add the Syntizen stack on top of our infrastructure . to deliver innovative solutions.”
Founded in 2014, Syntizen helps financial institutions with identity checks and offers e-KYC and video KYC services apart from the Aadhaar verification platform. It allows businesses to obtain customer KYC from anywhere in the country while complying with all regulatory requirements.
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Madhusudanan R, Muthukumar R and Prabhu Rangarajan founded MP2 in 2014 as an application programming interface (API) infrastructure company to help businesses embed financial services into their platforms. Companies like Mannapuram Finance, Muthoot Fincorp, Indiabulls Home Loans and Angel Broking leverage their technology stack to enable a paperless process for getting a loan or opening an account.
Earlier this year, the fintech raised $56 million in a funding round led by Insight Partners, MUFG Innovation Partners, Tiger Global and Better Capital. These participants valued the startup at $600 million.
Last October, the API infrastructure startup raised $35 million from Tiger Global. Its existing investors include Beenext, Flourish Ventures, Omidyar Network India, 8i Ventures and DMI Group via its investment firm Sparkle Fund. The company claims to have clocked over 600 fintech engagements in 20 markets across the Asia Pacific, MENA and Oceania regions and worked with over 30 banks.
