India’s M2P Fintech has acquired Syntizen in an effort to round out its technology portfolio. Syntizen is primarily known for its onboarding and identity verification services, which are currently used to authenticate 10 to 15 million people for Aadhaar programs on a daily basis.
M2P Fintech, on the other hand, specializes in API infrastructure, and is trying to provide its clients with a more complete (and fully integrated) technology stack for financial institutions. In that regard, Syntizen is the latest target of an aggressive acquisitions strategy, with M2P Fintech having already landed three other companies in the past 12 months alone. The cloud-based lending platform Finflux joined the M2P Fintech stable earlier in July, while the credit card sourcing platform Wizi and the operation services provider Origa.ai were brought on in September.
Syntizen and M2P Fintech opted not to disclose the financial terms of the acquisition. With Syntizen, M2P Fintech will be able to provide clients with secure video onboarding services, and in doing so give those clients a way to verify the identities of remote users while still complying with the latest Know Your Customer regulations.
“Having that offering as part of our stack will make it more compelling for banks to partner with us,” said M2P Fintech Co-Founder and CEO Madhusudanan R. “That was the rationale behind this acquisition.”
For its part, Syntizen suggested that the move will allow the company to ramp up its operations and scale internationally. M2P Fintech and Syntizen are both based in India, but they indicated that they are eventually hoping to target clients outside the country, and have already pitched to several banks in West Asia. Syntizen CEO Vamsi Kotte will be staying on after the acquisition in a Product Leadership role with M2P.
Syntizen previously completed a round of Series A funding with contributions from Mastercard and ACPL. MarketsandMarkets listed the company as one of the world’s top digital identity providers back in 2020.
Source: The Hindu Business Line