M2P Fintech, a Chennai-based application programming interface (API) infrastructure company, on Wednesday announced that it has signed a definitive agreement to acquire BSG ITSOFT, a leading provider of core banking solutions. The deal size was not disclosed.
In a press release, the company said, the acquisition further bolsters M2P Fintech’s approach to providing a new generation cloud native platform and positions M2P Fintech among few entities globally to offer a fully integrated banking and payments stack that is built on API-first infrastructure.
“Globally, we are witnessing new and relevant technologies disrupting every aspect of financial services and we realised the core banking system is the nucleus of all things Fintech,” Madhusudanan R, Co-Founder and CEO of M2P Fintech, said in the release.
“Given that central banks around the world are building out Central Bank Digital Currency, besides all the work that’s happening around broader applicability of blockchain in financial services, we felt it was opportune to build a Core system that can act as a bridge between the legacy infrastructure and the future,” he added.
Mumbai-based BSG offers proprietary technology that leverages data science insights to optimise user experience. The cloud-native platform has an extensive clientele of over 250 co-operative banks, small finance banks and NBFCs.
“Over the past few years, we have enabled banks of all sizes to intelligently manage their operations and scale seamlessly. Joining M2P Fintech gives us an opportunity to accelerate our vision and build on relevant use cases. We are looking forward to integrating our core banking platform with M2P’s API stack that will benefit our partner banks,” Satish Krishnaswamy, Founder, CEO and MD of BSG ITSOFT was quoted in the release.