m2p fintech: M2P Fintech acquires Finflux to increase digital lending opportunities
According to M2P, the acquisition will make it possible to improve workflow automation and roll out support for lending products.
“Consumer credit history in India is at a tipping point, and we believe with the macro factors that are unfolding, that there is going to be a huge potential for highly adaptable, cloud-scalable platforms. With Finflux we can meet the growing trend and rapidly evolving digital lending ecosystems across banks, NBFCs and fintech, “said Madhusudanan R, co-founder of M2P Fintech.
Finflux’s cloud lending platform was founded in 2010, and includes loan origins, loan administration, joint lending, buy-now-pay-later (BNPL) products, marketplace integration, app-based lending and alternative computerized credit scoring and analysis. .
It works with over 60 global clients, including lending fintech firms, non-bank financial institutions (NBFCs), microfinance institutions, savings and credit unions, banks and other financial institutions. In addition, the platform is aimed at over 12 million borrowers.
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.
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In October 2021, the company also raised $ 35 million from Tiger Global. To date, the company has raised over $ 107 million in equity financing.
“With this acquisition, we are closer to our mission to enable 100 million borrowers. With M2P’s network and resources, we will be able to serve our current customers more efficiently, reach a broader market, expand across geographies and build new technological product experiences. in no time, says Nayan Ambali, founder and CEO of Finflux.
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.
Currently, the platform claims to have customers across 20 markets and works with over 30 banks, and has clocked over 600 fintech engagements across industries.
M2P’s existing investors include Beenext, Flourish Ventures, Omidyar Network India, 8i Ventures and DMI Group through its investment company Sparkle Fund.