Digital banking infrastructure company M2P Fintech on December 13 said it had acquired Goals101, a transaction behavioural intelligence (TBI) firm, to provide data analytics to financial institution and banks.
Goals101 is a seven-year-old company which has developed a platform that runs on advanced algorithms and analytics tools that provide insights into consumer transaction patterns and orchestrates actionables.
According to sources, the deal is worth $30-$40 million.
This acquisition will act as a catalyst to bring in a high degree of personalisation in its digital banking products to its customers, M2P said in a statement to media.
Founded in 2014 by Madhusudanan R, Muthukumar R and Prabhu Rangarajan, M2P Fintech offers banking infra like API platforms to lenders and financial institutions. Headquartered in Chennai, M2P Fintech is an omni-channel platform that operates in more than 20 markets across the Asia Pacific, Middle East and North Africa (MENA) and the Oceania region.
"It is imminent that data intelligence will make the ‘new oil’ refine insights that are actionable and can deliver outcomes. At M2P Fintech we are committed to bring together capabilities that will deliver a holistic next generation banking experience for our customers and Goals101 is a big leap in our ambitions to deliver cutting edge data capabilities.," M2P Fintech co-founder and CEO Madhusudanan R said.
Goals101 was co-founded by industry veterans, including Visham Sikand, who launched multiple big-scale businesses such as Plat5 & Indian Health Organisation, which was acquired by Aetna Inc, USA, and Milan Naik, Anshuman Pandey, Ishank Joshi & Anupam Bhat. During the course of operations Shivam Maheshwari and Nikhil Raj were elevated as co-founders.
Goals101 works with leading payment networks and banks across multiple geographies in India, MENA and South East Asia.
"We are certain that Visham, Milan and the broader team at Goals101 will build on the leadership they have created and can leverage the synergies accruing on top of our platform," Madhusudanan added.
In January 2022, M2P raised $56 million in Series C1 funding. The round was led by New York-based global private equity and venture capital firm Insight Partners and MUFG Innovation Partners, a CVC company of Mitsubishi UFJ Financial Group Inc. Existing investors Tiger Global and Better Capital also participated in this round.
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