India’s M2P Fintech snaps up digital identity platform Syntizen

API infrastructure provider M2P Fintech has acquired Syntizen, a provider of identity validation services such as Aadhaar verification and Know Your Customer (KYC).

Syntizen is now part of M2P Fintech

M2P Fintech says the acquisition strengthens its approach to providing a comprehensive platform for financial institutions offering a “fully integrated technology stack” that includes identity and onboarding services.

Besides offering e-KYC and video KYC services, Syntizen’s Aadhaar verification platform is used by several Indian state governments for identity solutions to enable government schemes.

Madhusudanan R, co-founder and CEO of M2P Fintech says: “We believe technology is the great leveller and technology-led solutions can act as a tool to permeate financial inclusion.

“We are certain that the work the Syntizen 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.”

Vamsi Kotte, CEO of Syntizen, says the merger with M2P Fintech allows Syntizen 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 says its solution enables businesses to obtain customer KYC from anywhere in the country, while also adhering to regulatory requirements, making the process of obtaining a loan or opening an account “paperless”.

Founded in 2014 and headquartered in Chennai, M2P Fintech claims to be Asia’s largest API infrastructure company that enables businesses of any scale to embed financial services. Its platform operates in more than 20 markets across the Asia Pacific, MENA and Oceania regions.

This is M2P Fintech’s third acquisition in 2022 alone. Earlier this month, M2P Fintech acquired cloud lending platform Finflux. It also raised $56 million in a Series C1 round in January.