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Chennai-based M2P Fintech, Asia's largest API infrastructure company, has acquired Bengaluru-based Finflux, a cloud lending platform that caters to a wide array of customers. This unification will enable the M2P Fintech to accelerate the adoption of next-generation digitisation, workflow automation and roll out of cutting-edge lending products that are secure, scalable and cloud-ready.
This is M2P's fourth acquisition after Wizi, Origa and BSG IT soft, says a company official. Value of the deal is in the range of $15-20 million cash and stock, said sources.
Finflux’s cloud lending platform offerings include loan origination, loan management, co-lending, Buy Now Pay Later (BNPL), marketplace integration, app-based lending, alternative data-based credit scoring, analytics. Finflux provides differentiated customer experience through flexible underwriting rules, rules-based automation in workflows, tiered maker-checkers, and customisable approvals.
Finflux’s customers include leading fintechs, non-banking financial institutions (NBFCs), microfinance, savings and credit co-operative societies (SACCOs), banks, FIs (Financial Institutions), Business Correspondents, aggregators and agent networks. With over 60 global customers from across 15 countries, Finflux, which has around 60 employees, serves more than 12 million borrowers, says a release.
R Madhusudanan, Co-Founder and CEO of M2P Fintech, commented, "The consumption credit story in India is at a tipping point and we believe with the macro factors playing out, there is going to be immense potential for highly customisable, cloud ready platforms that can scale infinitely. With Finflux and the formidable team led by Nayan, we found a match to cater to the burgeoning and fast evolving digital lending ecosystem across banks, NBFC’s and fintech. Our key offerings around BNPL and neo credit products gets a major thrust with the FinFlux's platform and we are embarking on a mission to digitise the lending ecosystem."
Nayan Ambali, Founder & CEO of Finflux, said, “With this acquisition, we are closer to our mission of enabling 100 million borrowers. With M2P's network and resources, we'll be able to serve our current customers more efficiently, reach a wider market, expand across geographies, and build new technology product experiences at a blitz.”
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