Chennai-based digital banking infrastructure firm M2P Fintech has announced the acquisition of Goals101, a startup specializing in transaction behavioural intelligence.
While the firm didn't disclose the deal's financial details, Multiple media reports suggested that the deal was valued at approximately Rs 250 crore (around $30 million).
What does Goals101 do?
Goals101, established in 2016, has carved a niche in leveraging artificial intelligence and machine learning to provide insights into consumer transaction patterns. The seven-year-old startup, co-founded by industry veterans including Visham Sikand, Milan Naik, Anshuman Pandey, Ishank Joshi, and Anupam Bhat, has developed a platform that runs on advanced algorithms, offering invaluable insights and actionable intelligence to financial institutions.
How will the acquisition benefit M2P Fintech?
According to the company's statement, The acquisition will revolutionize M2P Fintech's offerings, enabling a high degree of personalization in its digital banking products.
Madhusudanan R, Co-Founder and CEO of M2P Fintech emphasized the importance of this move in delivering a holistic, next-generation banking experience. Integrating Goals101's technology into M2P's suite will enhance customer engagement, increase spending, and improve cross-selling and up-selling of new products, he said.
“The global banking technology space is undergoing a tectonic shift with respect to leveraging data and AI in the most prominent areas like customer service, product and portfolio management, risk and compliance. It is imminent that data intelligence will make the ‘new oil’ refine insights that are actionable and can deliver outcomes,” said M2P’s cofounder and chief executive Madhusudanan R.
What will be the impact on the operations?
Post-acquisition, Goals101's employees will continue to work on rolling out new data capabilities. The integration process will see Goals101's technology being seamlessly incorporated into M2P's existing financial services suite.
Visham Sikand, co-founder of Goals101, is set to assume a leadership role at M2P Fintech, bringing his expertise and vision to the table.
M2P Fintech's Growth and Market Presence
Founded in 2014, M2P Fintech claims to have a presence in over 20 markets across the Asia Pacific, MENA, and Oceania regions. The company has been instrumental in powering the digital ambitions of 300+ banks, 100+ NBFCs, and 800+ fintech engagements, serving over 35 million end users with its comprehensive technology stack.
In July last year, it acquired Syntizen, a provider of identity validation services such as Aadhaar verification and various KYC and identity services.
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