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Chennai-based M2P Fintech, also known as Yap, on Tuesday announced the acquisition of credit card-focussed fintech Wizi for an undisclosed sum.
M2P, an application programming interface (API) infrastructure company, helps businesses roll out their branded products. It offers banks and financial institutions end-to-end programme management services covering bank accounts, term deposits, and payment products including debit, credit, prepaid and travel cards, QR, UPI, and NETC toll payments.
In a press release, M2P said Wizi’s proprietary recommendation engine coupled with M2P’s programmable credit card stack will ease the rollout of hyper-personalised credit card offerings in India.
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“We rolled out the programmable credit card stack in March this year, and in the first six months we signed up over half a dozen banks. We realised most banks in the card issuance space did not have digital origination capabilities, coupled with most incumbent products lacking basic mobile interfaces for customers to manage their credit card account. Wizi serves both these gaps elegantly,” Madhusudanan R, Co-founder, M2P Fintech, said in a press release.
Wizi, an AI-based credit card management app developed by Chennai-based start-up Acsz Technologies, helps users buy a credit card digitally from leading banks in India through regular and surrogate programmes.
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According to the release, Wizi co-founders Venkatesan Anandaraj, Abhishek R and Rajesh Jayaraman will take up product leadership roles at M2P and bolster the credit cards stack.
The Fintech Meetup, led by Abhishant Pant, was the advisor for the transaction.
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