Manipal Payment and Identity Solutions
End-to-end banking and smart card manufacturing solutions.
| Date | Investors | Amount | Round |
|---|---|---|---|
N/A | Late VC | ||
| Total Funding | 000k | ||
Manipal Payment and Identity Solutions (MPi), previously known as MCT Cards & Technology Private Limited, is a manufacturer of banking and smart cards based in India. Founded in 2008, the company operates as a subsidiary of Manipal Technologies Limited (MTL), which itself has a long history dating back to 1941 as Manipal Power Press. MPi is led by CEO Girish Kini, who has been with the company since its start and began his career with the Manipal group in 1997.
The company provides a comprehensive range of services covering the entire card lifecycle, including design, manufacturing, personalization, packaging, and delivery. Its product portfolio includes plastic and metal banking cards, smart cards, government ID cards, wearables, and RFID tags. MPi serves a diverse clientele that includes global banks, financial institutions, fintech companies, and governments. The business model centers on manufacturing and supplying these secure payment and identity products, with production facilities certified by major payment networks like Visa, Mastercard, and RuPay. A significant portion of the parent company's revenue is generated by MPi. The company also supplies smart banking kiosks that facilitate services such as account opening and instant debit card issuance, aiming to enhance financial inclusion.
MPi has established a significant market presence in India and exports its products to Europe, the US, and Africa. The company has also focused on sustainability by incorporating eco-friendly materials, such as recycled PVC, into its card production. In March 2024, the company raised $24 million in a Series B funding round from investors including India SME Investments, Amicus Capital Partners, Nuvama Wealth Management, and Alchemy Capital Management.
Keywords: payment cards, smart card manufacturing, identity solutions, financial technology, banking cards, secure printing, card personalization, payment solutions, government ID cards, eco-friendly cards, banking kiosks, RuPay cards, Visa certified, Mastercard certified, end-to-end card services, wearables, RFID tags, secure transactions