M2P Fintech, start-up, 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 take up a senior product leadership role at M2P.
This development follows the start-up’s recent acquisitions of Bengaluru-based cloud lending platform, Finflux in July 2022 and core banking solutions provider BSG ITSOFT in February 2022. Last year, it acquired the Wizi card sourcing platform and Origa.ai collection operation services provider.
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 certain that the work Synitzen’s team has done over the years around Aadhaar enabled services and the KYC platform presents a perfect opportunity to overlay 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 its Aadhaar verification platform. It allows businesses to get customer KYC from anywhere in the country while adhering to all regulatory requirements.
Stacking Up
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 in their platforms. Companies like Mannapuram Finance, Muthoot Fincorp, Indiabulls Home Loans and Angel Broking leverage their tech stack to enable a paperless process for obtaining a loan or opening an account.
At the start of 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 start-up at $600 million.
Last October, the API infrastructure start-up raised $35 million from Tiger Global. Its existing investors include Beenext, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle 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.
