Fintech startup M2P Fintech has raised $56 Mn in Series C1 funding led by New York-based private equity and venture capital firm Insight Partners with participation from MUFG Innovation Partners. Existing investors Tiger Global and Better Capital also took part in this round.
In total, the startup has raised more than $100 Mn in the past year. M2P’s existing investors include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle Sparkle Fund.
Launched in 2014 by Madhusudanan R, Muthukumar A and Prabhu R, M2P Fintech is an 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.
With this fundraise, M2P plans to further build its technology and team, while accelerating its global expansion plans.
M2P claims that more than 500 fintech startups, dozens of banks and other financial institutions leverage M2P’s API infrastructure to embed financial products. According to the startup, it operates in more than 20 markets across Asia and North Africa.
Madhusudanan R, cofounder and CEO of M2P Fintech said, “The consequence of COVID-19 pandemic has accelerated the shift from in-person to digital consumption. This shift has forced businesses across the globe to move from brick and mortar to digital channels and, in doing so, has created an urgency for businesses to adopt an API platform like ours.”
He added by saying that there is a humongous opportunity lying to be tapped and his M2P platform is just there to meet this need. It plans to bring the platform to other fintech markets across Europe, Africa and Asia while doubling down on key and emerging fintech markets such as the Philippines, Indonesia and Egypt.
Mayank Shiromani, VP, MUFG Innovation Partners, said, “We are excited about the growth of fintech and fintech-enabled businesses in India / SE Asia and we believe M2P has an important role to play in the ecosystem. Top startups in India already work with M2P. For financial institutions like MUFG, M2P unlocks new partnerships possibilities and provides tested technology for scaling digital offerings efficiently.”
In October last year, M2P Fintech 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.
On 30 September 2021, 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.
In the same month last year, the fintech startup also acquired credit card sourcing startup Wizi and invested $4 Mn in Future Group-backed payments startup LivQuik Technology.
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