M2P Fintech, a Chennai-based application programming interface (API) infrastructure company, today announced the acquisition of Syntizen, a Hyderabad-based identity verification service 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 sourcing platform Wizi and collection operation services provider Origa.ai in September last year.
M2P Fintech said the current acquisition will bolster 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.
Speaking to BusinessLine, Madhusudanan R, Co-Founder, and CEO of M2P Fintech, said Syntizen was primarily focussed on Aadhar-based services and post-demonitisation, the company saw an opportunity around digital KYC and identity verification.
“Today, they work with various state governments and process about 10-15 million Aadhar authentications every day for running government benefit programmes. They have also built a whole-tech stack around onboarding video KYCs which is an integral part of onboarding for any bank,” Madhusudanan said.
“Having that 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 while India has taken a leap in terms of regulation around video KYC, some of the other markets are still in the learning curve. “We already have a lot of stuff going 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 & Siddharth Kukatlapalli, the Hyderabad-based Syntizen is registered with Start-up India, incubated at Telangana’s T-Hub, India’s biggest Government-backed Start-up incubator & a member of India Stack.
Syntizen’s KYC Gateway allows businesses to get customer KYC from anywhere in the country. It also provides eKYC services to clients such as Mannapuram Finance, Muthooth Fincorp, Indiabulls Home Loans, Angel Broking, and others, making the entire process of obtaining 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 providing an integrated KYC solution as part of the platform of services offered to M2P’s rapidly growing clientele.”