India’s M2P Fintech snaps up cloud lending firm Finflux
India’s M2P Fintech, which provides API infrastructure enabling firms to embed financial products, has acquired cloud lending platform Finflux.
Financial details are undisclosed, but according to a Times of India report, it is said to be a “cash and stock deal of $15-20 million”.
Founded in 2010 and based in Bengaluru, Finflux’s cloud solution offers services including loan origination, loan management, financial accounting, marketplace integration, app-based lending, alternative data-based credit scoring, financial dashboards, reporting and analytics.
Its customers include non-banking financial institutions, microfinance firms, banks and fintechs, among others.
With the acquisition, M2P Fintech aims to roll out lending products “that are secure, scalable and cloud-ready” to help firms accelerate their digital transformation and workflow automation plans.
“The digital lending space is at an inflection point and we believe the combined entity can serve millions of customers and drive inclusive innovation,” says Madhusudanan R, co-founder of M2P Fintech.
Founded in 2014, M2P Fintech provides API infrastructure that enables banks, NBFCs and online businesses to launch payments, banking and lending solutions. It raised $56 million in a Series C1 funding round in January this year.