The acquisition helps M2P Fintech further its mission by offering Regtech capabilities
Chennai, NFAPost: M2P Fintech, Asia’s largest API infrastructure company announced the acquisition of Syntizen, a leading provider of identity validation services such as Aadhar verification, various KYC, and identity services.
The acquisition bolsters M2P Fintech’s 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.
Besides offering e-KYC, Video KYC services, Syntizen’s Aadhaar verification platform is deployed by several State Governments for identity solutions to enable government schemes.
M2P Fintech Cofounder and CEO Madhusudanan R said the company believes technology as the great leveller and technology-led solutions can act as a tool to permeate financial inclusion.
“We are certain that the work the Synitzen team has done over the years around Aadhaar enabled services and the KYC platform, presents a perfect opportunity to overlay the Syntizen stack on top of our infrastructure to deliver innovative solutions, we are excited with the prospect of Inclusive Innovation that can be delivered not just for financial institutions in India but for the world,” said M2P Fintech Cofounder and CEO Madhusudanan R.
Syntizen CEO Vamsi Kotte will take up the Product leadership role at M2P and will continue to build on the vision for Syntizen.
Syntizen CEO Vamsi Kotte commented that the rapid move further away from cash, and to almost entirely online banking, has changed the profile of all customers and the nature of the risks to be considered.
“It also changes the nature of mitigation and due diligence, as Financial Institutions look at solutions to provide a seamless onboarding experience for their customers. Digital compliance processes are more scalable than locally hosted alternatives, as computational resources can be scaled up and down according to needs,” said Syntizen CEO Vamsi Kotte.
Syntizen CEO Vamsi Kotte said Representatives no longer need to be collocated to facilitate screening, opening up a wider market.
“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,” said Syntizen CEO Vamsi Kotte.
Syntizen’s KYC Gateway allows businesses to get customer KYC from anywhere in the nation while adhering to all regulatory requirements. Syntizen 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.
Syntizen provides several 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, and works closely with the governments of Telangana and Uttar Pradesh.
About M2P Fintech
Founded in the year 2014 and headquartered in Chennai, M2P Fintech is Asia’s largest API infrastructure company offering a wide gamut of services that enable businesses of any scale to embed financial services. M2P Fintech is an omni-channel platform that operates in over 20 markets across the Asia Pacific, MENA, and Oceania regions. M2P works with over 30 banks and has clocked over 600+ Fintech engagements across a varied set of industries
M2P Fintech is well-positioned with a secure and highly customizable tech stack that helps businesses launch their products with efficacy and speed at its core. On one end, M2P’s platform allows businesses to quickly create and deploy customized fintech products by customizing all relevant workflows through their plug-and-play solutions. On the other end, M2P simplifies the ability of banks and licensed and regulated entities to support these products at the back end by facilitating technology integration as well as settlement and operational support.
About Syntizen
Syntizen’s mission is to enable seamless identity checks which result in delightful customer onboarding for corporates & to better the service delivery by governments. Founded in 2014 by Vamsi Kotte, Dinesh Desu & Siddharth Kukatlapalli, 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.
