M2P fintech acquires credit card focussed startup Wizi1 min read . Updated: 21 Sep 2021, 01:50 PM IST
- The co-founders of Wizi will take up product leadership roles at M2P and will bolster the credit cards stack
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MUMBAI : M2P fintech, an application programming interface (API) infrastructure company, on Tuesday announced the acquisition of Wizi, a credit card focussed startup.
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 said in a statement.
Venkatesan, Abishek, and Rajesh, the co-founders of Wizi with their deep domain experience will take up product leadership roles at M2P and will bolster the credit cards stack, it said.
Madhusudanan R, co-founder, M2P Fintech said that the company rolled out the programable credit card stack in March this year and in the first six months 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. With their early traction, we are 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," said Madhusudanan.
Abishek and Rajesh said India has the potential to reach 100 million unique credit card users in the next three years and they hope to contribute meaningfully to help realize this vision by enabling every bank or fintech to get to market faster. The Fintech Meetup led by Abhishant Pant was the advisor for the transaction.
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