M2P Fintech leads seed investments in the Account Aggregator platform Finvu
With a vision to build product properties by leveraging the Account Aggregator platform
CHENNAI, India, July 7, 2022 / PRNewswire / – M2P Fintech, one of Asia leading API infrastructure provider led USD 2.50 million financing round for the Account aggregator platform Finvu. The Varanium Nexgen Fund, IIFL and the DMI Sparkle Fund also participated in the round. Finvu was founded in 2017, and is a registered and licensed NBFC Account Aggregator (NBFC-AA) from the Reserve Bank of India (RBI) and has the operating license for the business with account aggregation. Finvu is among the the first to receive the Account Aggregator operating license from RBI.
Finvu delivers the platform that enables secure portability of reliable data between financial service providers. With Finvus’ certified and standard open API framework, financial institutions will be able to use and get on board quickly, while some of them are already working on their digital journeys for various use cases.
On the investment, Madhusudanan R, co-founder – M2P Fintech, so, “India leads the regulations supported framework for open banking and BaaS offerings, and lays the foundation for innovative products or services. While the Account Aggregator framework is in the formative stage, we believe that it will have a transformative impact on the financial ecosystem with use cases across banking, lending, personal finance, and Finvu is rightly placed to serve this segment meaningfully. At M2P Fintech, we are constantly looking for new ways to help banks and fintech enter the market faster and scale their business. “
Finvus founders Munish Bhatia and Manoj Alandkar said“The future of financial services will change dramatically with the AA ecosystem as new uses develop. Excited to get support from our investors who believe in this.”
About M2P Fintech
M2P Fintech is an API infrastructure company that enables businesses of all scales to incorporate financial products into their customer journeys. M2P’s flexible platform allows companies to quickly create and distribute fintech products by simplifying partnerships with banks, PPIs, FIs and other regulated entities. M2P provides deep domain expertise with significant speed to the market while maintaining the core of our offerings scalability, security and reliability.
With headquarters in Chennai, IndiaM2P operates in over 20 markets across Asia and North Africa. A few key markets apart India include United Arab Emirates, Australia, New Zealand, Nepal, The Philippines, Bahrain and Egypt. The company plans to expand its footprint to Indonesia, Bangladesh, Vietnamand across the MENA region.
About Finvu
Finvu is one Pune–based Fintech company licensed by Reserve Bank of India asn NBFC-AA (NBFC Account Aggregator) to provide the services of an Account Aggregator (AA) for the proper collection or collection, consolidation, organization and presentation of financial information to the customer or other financial information user that may be specified by RBI.
Finvus’ founding team has a combined experience of over 50 years in banking technology and has worked for banks in India and abroad. Their experience has been in leading and delivering complex integrations for the banks where they worked specifically in payments (SWIFT) and Corporate Banking. Comes from Bank and Technology and wants to be part of the digital journey in India – Account Aggregator was a natural progression for Finvu.
SOURCE M2P Solutions Private Limited
