M2P Fintech, an API infrastructure provider for banks and NBFCs, announced launch of a Core Lending Suite (CLS) enabling lenders rapidly customise, develop, market test and quickly roll out lending products.
The digital-first lending suite will facilitate end-to-end lending solutions, including onboarding (Digital identity & KYC), loan management (Loan Origination, Loan Management), debt management (Collections), Go to Market strategies (Partnerships & Open Credit Enablement Network), data services (Account Aggregation), operations (FinOps, ReCon), and access to consumption platforms (Buy Now Pay Later, Cards, UPI, and Fleet) under a single stack.
Madhusudanan R, Co-founder, M2P fintech, told BusinessLine that the need for a CLS is driven by three aspects that are shaping the country’s credit ecosystem.
“Firstly, while co-lending has opened up new opportunities for banks and NBFCs, it also throws challenges in terms of how these can be structured technologically. Secondly, banks and NBFCs evolve over time and launch new products, but their existing loan management systems (LMS) are not geared up to handle all such products. Lastly, lenders need to innovate and churn out new products quickly to meet the growing credit demand,” Madhusudanan said.
He added that the CLS is a product born out of its existing capabilities as well as by leveraging RegTech, LendTech, and BankTech capabilities through its acquisitions and investments in start-ups like Origa, Wizi, BSG IT soft, FinFlux, Syntizen, and Finvu.
The Chennai-based fintech said, with RBI’s recent guidelines on digital lending, the financial services sector is gearing up for a transformation with many legacy and new-age financial services companies may choose to offer services in one or more lending platform components. The company puts the overall addressable lending market in India at about ₹150-lakh crore.
Abhishek Arun, President, M2P Fintech, said that lending institutions can level up using M2P’s unified lending solution right from onboarding to collections to ‘Go to Market’ strategies.
“Enterprises will have the option to go with the entire suite or choose from an array of microservices with the platform. This allows lenders to expand their horizons by launching new products and businesses by customising them as per their customers’ requirements,” he added.