Shares of Mahindra & Mahindra Financial Services fell 1.03% to currently trade at Rs 294.40 on the BSE.

Mahindra & Mahindra Financial Services Limited, (MMFSL) today announced a strategic integrated partnership with Nucleus Software. This tech partnership with FinnOne Neo, the flagship product of Nucleus Software will help in strengthening the backbone for scale up. With its plug and play features, the product has the technological capability to link to partner eco-systems via various fintech's.

Mahindra Finance's back office and operations teams will leverage the capabilities of FinnOne Neo LMS and FinnOne Neo Collections. Additionally, the FinnOne NeoTM CAS would offer a strong credit backbone (CBB) for loan origination purposes. These modules shall integrate with the entire business eco-system at Mahindra Finance through its API capabilities.

Parag Bhise, CEO, Nucleus Software Exports, said: “We aim to empower our customers by aligning technology capabilities to the business's strategy and operations providing a foundation for flexible, scalable, future-proofed systems that deliver speed and efficiency.

We are immensely happy that Mahindra Finance chose our IP product offerings over building bespoke software through a Services firm which clearly demonstrates the strength of FinnOne Neo's digital capabilities. This partnership is a perfect example of strategic planning and collaboration on shaping strategy and automating operations.”

Nucleus Software is a software product company that provides lending and transaction banking products to the global financial services industry.

The IT firm's consolidated net profit surged 76.45% to Rs 67.65 crore in Q4 FY23 from Rs 38.34 crore in Q3 FY22. Revenue from operations rose 34.74% quarter on quarter (QoQ) to Rs 206.20 crore during the quarter.