BSG ITSOFT, a core banking platform, has been acquired by M2P Fintech
- ByStartupStory | February 17, 2022
M2P FINTECH, an API infrastructure firm, has agreed to buy BSG ITSOFT, a provider of core banking solutions, in a formal agreement. M2P Fintech’s strategy to offer a next-generation cloud-native platform is strengthened by the acquisition, which places M2P Fintech among the few companies in the world to offer a fully integrated banking and payments stack built on API-first architecture. Aside from being a fully integrated CBS and payments stack, the platform will also cater to new use cases such as blockchain and trade finance, with the goal of accelerating their adoption in mainstream banking across many countries.
The business did not reveal the deal’s financial terms, but insiders say it’s worth roughly $20 million and includes a mix of cash and shares. M2P Fintech has made three acquisitions in the previous year, including debt recovery SaaS business Origa.ai and credit card startup Wizi.
The purchase will help M2P Fintech achieve its goal of providing a fully integrated, cloud native banking and payments stack based on API-first architecture. It will also assist M2P in expanding capabilities in new use cases like blockchain and trade finance, as well as accelerating their acceptance in mainstream banking.
Satish Krishnaswamy, the CEO and Founder of BSG ITSOFT, will join M2P as a product leader and will continue to develop BSG’s mission. The M2P framework will also bring aboard BSG’s staff of roughly 100 people.
BSG has developed patented technology that optimises user experience by leveraging data science insights. Over 250 co-operative banks, small financing institutions, and non-bank financial companies use the cloud-native platform.
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