M2P Fintech acquires Goals101 for data-driven personalisation in digital banking
Goals101's algorithms and analytics tools provide insights into consumer transaction patterns, enabling real-time contextual intelligence for financial institutions.
Banking API infrastructure provider Fintech has acquired Goals101, a Transaction Behavioural Intelligence (TBI) software maker, in a multi-million-dollar deal. M2P Fintech aims to leverage Goals101's technology and integrate it into its existing suite of financial services.
"This acquisition will act as a catalyst for M2P to bring in a high degree of personalisation in its digital banking products to its customers," the company said in a statement.
Following the acquisition, the Goals101 team will continue working on rolling out new data capabilities. Visham Sikand and Milan Naik, the co-founders of Goals101, will assume leadership roles at M2P Fintech.
"It’s a win-win for the bank, merchant and end customer. M2P Fintech’s product suite, innovation-led culture and leadership team excited us to join hands. We believe in product scalability and with M2P, and our pathbreaking data-led tech stack, we’re excited about what we can do in the global space," Sikand said.
Goals101's algorithms and analytics tools provide insights into consumer transaction patterns, enabling real-time contextual intelligence for financial institutions. The seven-year-old company was co-founded by Sikand, a Harvard Business School alumnus and a serial entrepreneur who has built and scaled startups like Plat5 and Indian Health Organization (acquired by Aetna Inc., USA).
Madhusudanan R, CEO and Co-founder of M2P Fintech, stated that the global banking technology landscape is experiencing a significant transformation, particularly in utilising data and AI across key areas such as customer service, product and portfolio management, as well as risk and compliance. He emphasised the crucial role of data intelligence, referring to it as the 'new oil' that refines actionable insights for delivering outcomes.
In 2022, M2P Fintech executed a series of strategic acquisitions over 10 months, positioning itself as a major player in the API infrastructure space.
SG ITSoft and Finflux, M2P Fintech's first two acquisitions, strengthen core banking and digital lending. BSG focuses on cooperative banks, enhancing M2P's integrated CBS and payment stack and expanding into blockchain and trade finance. Finflux provides an LMS platform, bolstering M2P's compliant digital lending, including BNPL services.
Wizi, the third acquisition, transforms a B2C credit card platform into a B2B business, contributing to M2P's BNPL stack. Origa, a loan recovery SaaS, and Syntizen, an onboarding solutions provider, are "add-ons," improving underwriting and streamlining customer onboarding for banks.
M2P has raised two new funding rounds since 2021 (the most prominent was Series C and C1 rounds amounting to $91 million) led by Tiger Global and Insight Partners to fund the deals.
Edited by Kanishk Singh