5 Key FinTech Acquisitions in India, November 2024

By Gloria Mathias

As we near the close of another eventful year, the Indian FinTech ecosystem has been buzzing with a whirlwind of activity. With funding rounds surging and new startups emerging at an unprecedented pace, the industry’s landscape has shifted in unpredictable yet exciting ways. November has been no exception, marked by a surge in mergers and acquisitions that highlight the sector’s maturity and strategic focus.

This month, several FinTechs found the perfect partnerships to amplify their expertise and scale their tech stacks, demonstrating how innovation thrives when paired with the right capital and vision. These acquisitions aren’t just deals on paper—they’re milestones that could redefine how financial solutions are delivered in India. From consolidation moves to strategic bets, here’s a round-up of the key FinTech acquisitions that shaped November 2024.

Here’s a look at this month’s five key announcements in India: 

• Veefin acquires Singapore’s GenAI startup Walnut

The Veefin Group of Companies has announced its first international acquisition with a 50% stake in Singapore-based GenAI company Walnut in an all-cash deal. This also marks the fourth acquisition by Veefin Group this year as the company propels itself to become the Global Working Capital Finance Platform. With the acquisition, Walnut’s GenAI capabilities will help Veefin Group power its clients across corporates and banking to convert complex and vast amounts of unstructured data into razor-sharp insights delivered with speed and accuracy.

• Bandhan Group announces acquisition of Genisys Group

Bandhan Group (Bandhan Financial Services Ltd.) has announced that it has acquired Genisys Group, a global information technology and business process services company. This marks Bandhan Group’s strategic entry into the technology sector. The acquisition allows Bandhan Group to expand its global footprint with new offices in the U.S., the UK, and India, significantly enhancing its presence in these markets.

• WealthTech platform Nivesh acquires Wealthzi

Wealthtech platform Nivesh has acquired Wealthzi, a wealth management platform operated by Lime Internet Private Limited. This strategic move will enhance Nivesh’s offerings and expand its reach in wealth management for affluent and high-net-worth individuals. This acquisition enables Wealthzi to leverage Nivesh’s technology platform to improve the user experience and scale its business. Both firms will benefit from synergies in products, research, and operations.

• Toucan Payments acquires PayNet Systems

Toucan Payments India has acquired Neo Banking Software Platform PayNet Systems as part of its expansion journey. The acquisition forges an AI-driven financial services platform by integrating Toucan Payments’ advanced payment processing and AI technologies with PayNet Systems’ digital lending and neobank solutions. This union enhances our product, solution, and service offerings and solidifies our role as innovators in FinTech.

• MakeMyTrip to acquire CRED’s Happay platform

MakeMyTrip, India’s online travel company, has announced that it has signed a business transfer agreement to acquire the Happay Expense Management Platform from CRED. This acquisition reinforces MakeMyTrip’s commitment to becoming the go-to platform for comprehensive corporate travel and expense management solutions. Under the agreement, Happay brand, its expense management business, and its team will transition to MakeMyTrip.