Financial infrastructure provider M2P Fintech has announced the acquisition of digital identity verification startup Syntizen to bolster its Know Your Customer (KYC) services.

Through the acquisition, India-based M2P Fintech hopes to offer fully integrated Aadhaar-based customer onboarding solutions to fintechs.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Syntizen offers e-KYC solutions to finance companies such as Indiabulls Homeloans, Manappuram Finance, and Muthoot Finance, among others.

Several state governments have also deployed its Aadhaar-based verification platform.

The terms of the transaction were not disclosed but Moneycontrol reported that the deal was a mix of cash and stock valued between $10 and $12m.

Speaking to the publication, M2P Fintech co-founder and CEO Madhusudanan R said: “With this acquisition, we can now offer a KYC stack to our customers. Additionally, Syntizen over the years has done a lot of work around Aadhar enabled services and the KYC platform, and governments use its stack for benefit disbursement for state-run programs.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The acquisition also gives us an opportunity to overlay the Syntizen stack on top of our infrastructure to work with state governments and units,” M2P Fintech’s chief added.

“Representatives no longer need to be colocated 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,” Syntizen CEO Vamsi Kotte said.

Kotte will take up a product leadership role in M2P Fintech and continue to work on Syntizen.

Earlier this year, M2P Fintech raised $56m in its Series C1 funding round led by US private equity firm Insight Partners at a $600m valuation.