M2P Makes 5th Acquisition In 2022; Acquires Online Customer Onboarding Platform Syntizen

Fintech SaaS startup M2P Fintech has acquired Hyderabad-based startup Syntizen for an undisclosed amount. With this, Syntizen becomes the fifth acquisition of M2P Fintech this year. 

The acquisition will help M2P Fintech to shore up its regulatory technology (RegTech) offerings. It will further help M2P Fintech to become a comprehensive platform for financial institutions and offer a fully integrated technology stack including identity and onboarding services. 

As a part of the deal, Syntizen’s CEO Vamsi Kotte will join M2P’s team thereby, taking up the product leadership role at the fintech startup.

The latest development comes a few weeks after M2P Fintech acquired cloud lending platform Finflux. Prior to this, it also acquired credit card sourcing startup Wizi,  SaaS startup Origa and banking solution provider BSG ITSOFT this year. 

Vamsi Kotte, CEO of Syntizen, said, “Joining M2P Fintech gives us an opportunity to accelerate and scale geographically while providing an integrated KYC solution as a part of M2P’s platform of services to its clientele.”

Founded in 2014 by Vamsi Kotte, Dinesh Desu and Siddharth Kukatlapalli, Syntizen is an electronic customer onboarding solution provider. It offers various digital identification products including ABAS (Aadhaar-based Attendance System), edo Suite (Aadhaar masking solution), and Aadhaar Core Engine (for KYC, authentication, and subsidy management), among others. 

It manages an Aadhaar verification platform, which is being deployed by various state governments for identity solutions to enable government schemes. Additionally, it’s KYC Gateway allows businesses to get customer KYC from anywhere in the nation while adhering to all regulatory requirements, according to the statement.

Its clientele includes Manappuram Finance, Muthoot Fincorp, Indiabulls Home Loans and Angel Broking, among others. 

It claims to have registered with Startup India and also incubated at Telangana’s T-Hub. 

Commenting on the recent acquisition, Madhusudanan R, cofounder and CEO of M2P Fintech, said, “We are certain that over the years, the work done by Synitzen team around Aadhaar-enabled services and KYC platform serves as the apt opportunity to overlay its stack on top of our infrastructure to deliver innovative solutions.” 

Founded in 2014 by Muthukumar A, Prabhu R and Madhusudanan R, M2P Fintech offers fintech API solutions to its clientele such as slice, CRED, Ola and Razorpay, among others. Its solutions help companies to include finance into their offerings and also, partner with banks as well as NBFCs.

M2P Fintech is widely present across the globe including India, Nepal, Egypt, the UAE, Bahrain, Philippines, Australia, and New Zealand. 

It claims that over 500 fintech companies and various banks as well as NBFCs use its API infrastructure to embed finance into their operations. 

According to an Inc42 report, fintech saaS is one of the rapidly expanding sub-sector within India’s fintech ecosystem, growing at a 40% CAGR between 2021 and 2025 to become a $12.6 Bn market by 2025.
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Update | 7:21 PM

The story has been updated to include previous acquisition details of M2P Fintech