M2P acquires the Wizi credit card sourcing start-up
Sources close to the development said the deal was a mix of cash and stock, and valued Wizi at around $ 5 million. M2P’s founders declined to comment on the details of the deal.
Chennai-based M2P, also known as Yap, earlier this year launched a programmable credit card platform that allows banks and fintech companies to integrate and use programming interfaces of ‘applications (API) to offer customizable corporate and commercial credit cards to its customers.
The acquisition aims to strengthen this coin, Madhusudanan said.
Wizi is a credit card-focused financial technology company that, through its programs, provides digital services to bank credit card customers.
It handles both sourcing and management of credit cards, be it benefits, offers, revolving credit management, etc. The company said it has 300,000 users through its app.
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“We rolled out the programmable credit card stack in March of this year and in the first 6 months we signed up to over half a dozen banks; We realized that most of the banks in the card issuance space did not have digital issuance capabilities coupled with most legacy products lacking basic mobile interfaces for customers to manage their credit accounts. credit card – Wizi gracefully fills these two gaps, ”Madhusudanan said.
The three co-founders of Wizi and its approximately 20 employees will join the M2P team, he added.
M2P raised $ 10 million led by Flourish Ventures and Omidyar Network in its last funding round in March 2021.
The startup has raised $ 15 million to date and has Beenext, Better Capital and angel investors such as Ashneer Grover of BharatPe, Alok Mittal of Indifi, Amrish Rau of Pine Lab and Kunal Shah of Cred as investors.
The firm was founded in 2014 by Madhusudanan, Muthukumar A and Prabhu R.
The startup specializes as an API infrastructure company that helps businesses connect and deploy their own branded products.
The company said it works with more than 500 FinTech companies, internet platforms, banks and financial institutions as product providers, providing end-to-end program management services through services such as debit, credit, prepaid, QR, Unified Payments Interface and other payment solutions.
Its API products have been used by leading technology companies such as Ola, Slice, Cred, Razorpay, among others, he said.