The fintech startup M2P, which specializes in providing digital banking infrastructure for companies and banks, has acquired the credit card sourcing startup Wizi, the co-founder of M2P, Madhusudanan R, opposite ET. The acquisition is intended to strengthen its plug-and-play credit card platform.
Sources close to the development said the deal was a mix of cash and stocks, and Wizi is valued at around $ 5 million. M2P founders declined to comment on the details of the deal.
Chennai-based M2P, also known as Yap, launched a programmable credit card platform earlier this year that enables banks and fintech companies to incorporate and use application programming interfaces (APIs) to provide customizable corporate and Offer corporate credit cards.
The takeover is intended to strengthen that piece, Madhusudanan said.
Wizi is a credit card-focused fintech company that offers banking credit card customers digital services as part of its programs.
It manages both the procurement and management of credit cards, be it benefits, deals, revolving credit management, and more. The company claims to have 300,000 users through its app.
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“We introduced the programmable batch of credit cards in March of this year and registered over half a dozen banks in the first 6 months; We found that most banks lacked digital origination capabilities in the card issuing arena, coupled with most established products that lacked basic mobile interfaces to manage their credit card accounts – Wizi elegantly fills those gaps, ”said Madhusudan.
Wizi’s three co-founders and its roughly 20 employees will join the team at M2P, he added.
M2P raised $ 10 million in its final funding round in March 2021, led by Flourish Ventures and Omidyar Network.
The startup has raised $ 15 million to date and counts Beenext, Better Capital and Angel supporters like Ashneer Grover from BharatPe, Alok Mittal from Indifi, Amrish Rau from Pine Lab and Kunal Shah from Cred as investors.
The company was founded in 2014 by Madhusudanan, Muthukumar A and Prabhu R.
The startup specializes in an API infrastructure company that helps companies connect and introduce their own branded products.
The company said it works with over 500 fintech firms, internet platforms, banks and financial institutions as a product provider and end-to-end program management services for services such as debit, credit, prepaid, QR, unified payments interface and other payment solutions offers.
Its API products have been used by top tech companies like Ola, Slice, Cred, Razorpay, among others, it said.