M2P Fintech gets $35 mn in Series C funding

Firm keen to enhance its API infrastructure capabilities

Chennai-based M2P Fintech, an API infrastructure company, has secured $35 million in a Series C funding. Tiger Global Management led the round, which valued the company at $335 million. Existing investors BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group via its investment vehicle Sparkle Fund also participated in the round.

M2P intends to use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia. The company plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and across the Middle East and North Africa (MENA) region.

Currently, M2P has a market presence in India, Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain and Egypt.

“Our immediate focus is to double down on growth in India and the expansion of our team in Dubai, where we have committed to investing more than AED 100 million over the next 18-24 months,” said Madhusudanan R., Co-founder and CEO, M2P Fintech.

Alex Cook, Partner, Tiger Global Management, said that the Indian financial services ecosystem is undergoing an exciting shift to digital across banking, credit, payments, and investing. “The M2P platform is enabling this shift, and many fintech companies have already chosen to work with them,” he added.

In the Series A round in April 2020, the firm raised $4.5 million and $10 million in March 2021 in Series B funding. Founded in November 2014, by Mr. Madhusudanan, Muthukumar. A., co-founder and CTO and Prabhu. R, API products, have been utilised by tech companies including OLA, Swiggy, Bharatpe, Razorpay, Finin and over 200 more firms depend on their solutions.

Source: Read Full Article