Chennai-based business-to-business (B2B) fintech startup M2P has bought big data analytics and intelligence platform Goals101 in a cash-and-equity deal.
Though the company has not disclosed the financial terms of the company. However, as per sources, the deal is valued at around INR 250 Cr (around $30 Mn).
With this buyout, M2P will integrate Goals101’s technology into its existing suite of financial services.
Established in 2016 by Milan Naik, Visham Sikand, Anshuman Pandey, Ishank Joshi and Anupam Bhat, Goals101 uses artificial intelligence (AI)- powered proprietary technology to enable financial institutions to gather insights into their data that can be tailored to accelerate their business growth.
The company counts Nexus Venture Partners, Sprout Venture Partners and Dentsu among its marquee investors.
“The global banking technology space is undergoing a tectonic shift with respect to leveraging data and AI in the most prominent areas like customer service, product and portfolio management, risk and compliance. It is imminent that data intelligence will make the ‘new oil’ refine insights that are actionable and can deliver outcomes,” said M2P’s cofounder and chief executive Madhusudanan R.
He further added that M2P aims to bring together capabilities that will deliver a holistic next-generation banking experience for its customers.
Meanwhile, M2P was launched in 2014 by Madhusudanan R, Muthukumar A(M2P) and Prabhu Rangarajan. It offers technology which powers the digital ambitions of banks, lenders, fintechs and other financial services players. It claims to be operational in 20 markets across the Asia Pacific, MENA, and Oceania regions.
M2P reported a 6.2X surge in its net loss to INR 40.9 Cr in FY22 as against INR 6.5 Cr in the previous year.
According to Inc42’s State Of Indian Fintech Report, Q3 2023, the fintech ecosystem is pegged at more than $584 Bn and is expected to reach $2.1 Tn by 2030 at 18% CAGR.
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