In an effort to improve its services for fintechs and other financial institutions, financial infrastructure provider M2P Fintech has acquired identity verification service provider Syntizen for the third time this year.

This comes after the business earlier this month acquired the cloud lending platform, Finflux, based in Bengaluru. Additionally, in February of this year, it purchased BSG ITSOFT, a developer of core banking systems. The card sourcing platform Wizi and the collection operation services provider Origa.ai were both previously bought by M2P.

According to M2P, the acquisition will help the company provide better Aadhar verification and know-your-customer (KYC) processes including identity and onboarding services to financial institutions, as it looks to add more capabilities to its integrated technology stack.

As part of the deal, Syntizen’s cofounder and chief executive Vamsi Kotte will take up the product leadership role at M2P, with the team continuing to build on the vision for Syntizen.

Founded in 2014, Syntizen helps financial institutions with identity checks and offers e-KYC, and video KYC services apart from its Aadhaar verification platform. It allows businesses to get customer KYC from anywhere in the country while adhering to all regulatory requirements.

“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,” said Madhusudanan R, cofounder, and chief executive officer (CEO) of M2P Fintech.

The company’s tech stack is currently deployed across several state governments besides financial institutions such as Mannapuram Finance, Muthooth Fincorp, Indiabulls Home Loans, Angel Broking, and others, where it helps to make the entire process of obtaining a loan or opening an account paperless.

"Financial Institutions look at solutions to provide a seamless onboarding experience for their customers. 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 Kotte in a prepared statement on Tuesday.

Earlier in January, M2P Fintech raised $56 million led by New York-based global private equity firm Insight Partners, valuing the startup at $600 million. The round also saw participation from MUFG Innovation Partners, Tiger Global and Better Capital.

In October 2021, the company also raised $35 million from Tiger Global. To be sure, the fintech firm has picked up over $107 million in equity funding.

Founded in 2014 by Madhusudanan R, Muthukumar R and Prabhu Rangarajan, M2P is an application programming interface (API) infrastructure company that helps businesses embed financial services.