M2P fintech, Asia’s leading API infrastructure company announced the acquisition of Wizi, a Credit card focussed fintech to better serve Banks and businesses with new-age onboarding and digital originations.
The deal was a mix of cash and stock, and values Wizi at around $5 million, sources privy to the development told Economic Times. However, M2P founders declined to comment on the deal specifics.
Madhusudanan R, cofounder at M2P Fintech said the company rolled out the programable credit card stack in March this year and in the first 6 months it signed up over half a dozen banks. “We realized most banks in the card issuance space did not have digital origination capabilities coupled with most incumbent products lacking basic mobile interfaces for customers to manage their credit card account, Wizi serves both these gaps elegantly,” he said.
With Wizi’s early traction, Madhusudanan said, the company is excited with the prospect of taking the platform capabilities to the top 50 banks in India and potentially take it to the rest of the world.
As a part of the acquisition, the cofounders of Wizi Venkatesan, Abishek, and Rajesh will take up product leadership roles at M2P and will bolster the credit cards stack.
Wizi’s vision to democratize the credit card buying experience using its proprietary recommendation engine coupled with the programmable credit card stack of M2P augurs well for the roll-out of hyper-personalized credit card offerings in the Indian market.
It adds to the ‘Card in a Box’ proposition of M2P, further strengthening its capabilities that were launched earlier in the year.
Meanwhile, Abishek and Rajesh added that India has the potential to reach 100 million unique credit card users in the next 3 years. “We hope to contribute meaningfully to help realize this vision by enabling every bank or fintech to get to market faster,” they added further.