API infrastructure company M2P Fintech has acquired Bengaluru-based cloud lending platform Finflux to boost M2P’s digital lending and neo-credit plans, according to TNN report.
The financial details of the deal were not disclosed, but it is learnt to be a cash and stock deal of around $15-20 million. This is M2P Fintech’s fourth acquisition since its launch in 2014 and it expects the buy to help accelerate the roll out of secure and scalable digital lending products. Finflux will continue to operate as an independent brand, the report said.
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 and analytics. It has more than 60 global customers including lending fintechs, non-banking financial companies (NBFC), microfinance, banks, and others.
“With Finflux and the formidable team led by Nayan (Nayan Ambali, Finflux founder), 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 get a major thrust with FinFlux’s platform and we are embarking on a mission to digitise the lending ecosystem,” Madhusudanan R, co-founder of M2P Fintech, said.
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