M2P Fintech, Asia’s largest API infrastructure company has signed definitive agreement to acquire BSG ITSOFT, a leading provider of Core banking solutions. The acquisition further bolsters M2P Fintech’s approach to providing a new generation cloud-native platform and positions M2P Fintech among few entities globally to offer a fully integrated banking & payments stack that is built on API-first infrastructure. The platform, besides being an integrated CBS and payments stack will also cater to emerging use cases around blockchain, trade finance and aims to accelerate their adoption in mainstream banking across different geographies.
Madhusudanan R, Co-Founder and CEO of M2P Fintech, commented, “The heightened action around Fintech over the past few years is anything to go by, it is likely to grow unabated over the next couple of decades. Globally we are witnessing new and relevant technologies disrupting every aspect of financial services and we realised Core Banking system is the nucleus of all things Fintech. Given that Central banks around the world are building out CBDC, besides all the work that’s happening around broader applicability of Blockchain in financial services, we felt it was opportune to build a Core system that can act as a bridge between the legacy infrastructure and the future. By partnering with Satish and the BSG team, we will be able to realise this vision faster. We believe in BSG, we have a fantastic product that can take on the world of New age banking.”
Satish Krishnaswamy, Founder, CEO & MD of BSG ITSOFT will take up Product leadership role at M2P and will continue to build on the vision for BSG. He commented “Our mission is to modernize banking experience either by replacing the legacy system through our TURING CBS as well as build on top of existing legacy systems through our TURING nCORE platform. Over the past few years, we have been able to enable banks of all sizes to intelligently manage their operations and scale seamlessly. Joining M2P Fintech gives us an opportunity to accelerate our vision and build on relevant use cases. We are looking forward to integrating our core banking platform with M2P’s API stack that will benefit ourpartner banks.”
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With over 70+ products, BSG’s platform offers future-ready technology stack that is compatible with licensed and open source platforms. BSG offers proprietary technology that leverages data science insights to optimise user experience. The cloud-native platform has an extensive clientele of over 250+ Co-operative banks, Small Finance banks and NBFCs. Based out of Mumbai, BSG has an existing team size of 100 and will continue to work on enhancing its product offering, thereby accelerating the pace of banking technological transformation.
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