M2p Fintech News: M2P Fintech acquires identity verification service provider Syntizen

Financial infrastructure provider, M2P Fintech, has made its third acquisition this year of the identity verification service provider, Syntizen, as it appears to be strengthening its offerings to fintechs and other financial institutions.

This comes on the heels of the company buying out the Bengaluru-based cloud lending platform Finflux earlier this month. It had also acquired the core banking solution provider BSG ITSOFT in February this year. Previously, M2P also acquired the card surfing platform, Wizi and the collection service provider, Origa.ai.

According to M2P, the acquisition will help the company provide better Aadhar verification and know-how (KYC) processes, including identity and onboarding services to financial institutions, as it appears to add more capabilities to its integrated technology table.

As part of the agreement, Syntizen’s co-founder and CEO Vamsi Kotte will take up the product management role at M2P, and the team will continue to build on the vision for Syntizen.

Founded in 2014, Syntizen assists financial institutions with identity checks and offers e-KYC and video KYC services in addition to the Aadhaar verification platform. It allows companies to get customer KYC from anywhere in the country while complying with all regulatory requirements.

“We are confident that the work the Synitzen team has done over the years around Aadhaar-enabled services and the KYC platform provides a perfect opportunity to place the Syntizen stack on top of our infrastructure to deliver innovative solutions,” said Madhusudanan R, co-founder and CEO of M2P Fintech.

The company’s technology table is currently distributed across several government agencies as well as financial institutions such as Mannapuram Finance, Muthoth Fincorp, Home Loans, and others, where it helps make the whole process of getting a loan or opening an account paperless.

“Financial institutions are looking at solutions to provide a seamless onboarding experience for their customers. Joining M2P Fintech gives us an opportunity to accelerate and scale geographically while offering an integrated KYC solution as part of the platform of services offered to M2P’s rapidly growing clientele, “Kotte said in a prepared statement on Tuesday.

Earlier in January, M2P Fintech raised $ 56 million, led by New York-based global private equity firm Insight Partners, and valued the startup at $ 600 million. MUFG Innovation Partners, Tiger Global and Better Capital also participated in the round.

In October 2021, the company also raised $ 35 million from Tiger Global. To be sure, the fintech company has raised over $ 107 million in equity financing.

Founded in 2014 by Madhusudanan R, Muthukumar R and Prabhu Rangarajan, M2P is an infrastructure application application (API) infrastructure company that helps companies integrate financial services.

Stay up to date on technology and startup news that matters. Subscribe to our daily newsletter for the latest and must read the technical news, delivered straight to your inbox.