M2p Solutions, which owns payments infrastructure platform M2P Fintech, has acquired identity verification service provider Syntizen, in its third acquisition this year. The deal was valued at $10-12 million, a person close to the company told VCCircle.
The acquisition will bolster M2P Fintech’s approach to providing a comprehensive platform for financial institutions. Besides offering e-KYC, video KYC services, Syntizen’s Aadhaar verification platform is being deployed by several state governments for identifying solutions to enable government schemes, the company said in a statement.
Founded in 2014 and backed by the likes of Tiger Global, Beenext, 8i Ventures and Omidyar Network, M2P Fintech provides application programme interface (API) solutions to banks and financial technology companies. This API enables development of products around bank accounts and term deposits, in addition to a range of digital payment modes including debt, credit, prepaid, QR, UPI and toll payments.
“We believe technology as the great leveler and technology-led solutions can act as a tool to permeate financial inclusion. We are certain that the work Synitzen’s team has done over the years around Aadhaar enabled services and the KYC platform, presents a an opportunity to overlay their stack on top of our infrastructure to deliver innovative solutions,” said Madhusudanan R, co-founder and chief executive officer of M2P Fintech.
Hyderabad-based Syntizen was founded in 2014. The platform offers e-KYC and authentication solutions. It counts Manappuram Finance, Muthooth Fincorp, Indiabulls Housing Finance, Angel Broking and others, as its major clients.
“The rapid move further away from cash, and to almost entirely online banking, has changed the profile of all customers and the nature of the risks to be considered. It also changes the nature of mitigation and due diligence, as financial institutions look at solutions to provide a seamless onboarding experience for their customers,” said Vamsi Kotte, CEO of Syntizen.
Since 2021, M2P Fintech has acquired four startups which includes Wizi, Origa.ai, BSG and Finflux.
In October last, M2P Fintech raised $35 million in a Series C round of funding led by Tiger Global Management.
