Tamil Nadu-based M2P Fintech has raised $35 Mn in its Series C funding round led by Tiger Global along with existing investors BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital.
The DMI Group also participated in the funding round through its investment arm Sparkle Fund.
Launched in 2014 by Madhusudanan R, Muthukumar A and Prabhu R, M2P Fintech is an Application Programming Interfaces (API) infrastructure startup that enables businesses to embed financial products into its customers journey in tie-ups with banks and other institutions. Its clientele includes tech startups such as Slice, Cred, Ola, Razorpay.
M2P intends to use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia, said a statement.
The fintech startup has a market presence in India, Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain and Egypt. It plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and the Middle East and North Africa (MENA) region.
Madhusudanan R, Cofounder and CEO of M2P Fintech, said: “Our immediate focus is to double down on growth in India and the expansion of our team in Dubai, where we have committed to invest more than AED 100 Mn ($27 Mn) over the next 18-24 months.
We are also aggressively pursuing organic and strategic opportunities that will strengthen our product capabilities to better serve our customers.”
The fintech startup claims to have achieved 400% YoY revenue growth and is processing more than $10 Bn in annualised payments volume across millions of users through over 500 fintech partnerships.
M2P Fintech, previously known as Yap, is an API infrastructure company that enables businesses of any scale to embed financial products in their customer journeys.
The fundraise comes days after M2P acquired the SaaS startup Origa AI (in a mix of cash and stock deal valued at $2 Mn – $2.5 Mn) to strengthen the plug-and-play model of its platform and technology capabilities around debt collection.