M2P Fintech acquires digital identification platform Syntizen
M2P Fintech, a Chennai-based application programming interface (API) infrastructure company, today announced the acquisition of Syntizen, a Hyderabad-based identity verification services provider for an undisclosed amount.
This comes close on the heels of M2P Fintech’s earlier acquisition of Bengaluru-based cloud lending platform Finflux in the first week of July. The company also acquired credit card platform Wizi and debt collection service provider Origa.ai in September last year.
M2P Fintech said the current acquisition will strengthen its approach to providing a comprehensive platform for financial institutions and positions M2P Fintech among a few entities globally to offer a fully integrated technology stack, including identity and onboarding services.
Talking to Business lineMadhusudanan R, co-founder and CEO of M2P Fintech, said while Syntizen was primarily focused on Aadhar-based services and post-demonetisation, the company saw an opportunity around digital KYC and identity verification.
“Today they work with various state governments and process around 10-15 million Aadhar authentications every day to run government benefit programs. They have also built an entire technology stack around onboarding video KYCs which is an integral part of onboarding for any bank,” said Madhusudanan.
“Having this offering as part of our stack will make it more compelling for banks to partner with us. That was the rationale behind this acquisition,” he added.
Madhusudanan also said that while India has made a leap in regulation around video KYC, some of the other markets are still in the learning curve. – We already have a lot going on internationally. Even for Syntizen, we have presented the solution to 2-3 central banks in West Asian markets.”
Founded in 2014 by Vamsi Kotte, Dinesh Desu and Siddharth Kukatlapalli, Hyderabad-based Syntize is registered with Start-up India, incubated at Telangana’s T-Hub, India’s largest government-backed startup incubator and a member of India Stack.
Syntizen’s KYC Gateway allows businesses to obtain customer KYC from anywhere in the country. It also offers eKYC services to customers like Mannapuram Finance, Muthoot Fincorp, Indiabulls Home Loans, Angel Broking and others, making the entire process of getting a loan or opening an account paperless. Its digital identification products include ABAS (Aadhaar-based Attendance System), edo Suite (Aadhaar masking solution) and Aadhaar Core Engine (for KYC, authentication and subsidy management), among others.
Syntizen CEO Vamsi Kotte, who will take up the product leadership role at M2P, said: “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 that offered to M2P’s rapidly growing clientele. .”
Published on
July 20, 2022
