Chennai-headquartered M2P Solutions, which owns payments infrastructure platform M2P Fintech, has raised $56 million (around Rs 420 crore) in a Series C1 round led by New York-based private equity and venture capital firm Insight Partners, the company said on Thursday.
The round also saw participation from MUFG Innovation Partners, existing investors Tiger Global and Better Capital also took part in the round.
The funds will be used to further build its technology and team while accelerating its plans to expand internationally, it said.
M2P’s existing investors also include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle Sparkle Fund. To date, the company has raised more than $100 million in the past year.
“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. We see an unprecedented opportunity to meet this need by bringing our leading platform to other fintech markets across Europe, Africa and Asia, while doubling down on a key and emerging fintech markets such as the Philippines, Indonesia and Egypt,” Madhusudanan R, co-founder and CEO of M2P Fintech said
Founded in 2014 by Madhusudan, Muthukumar A, and Prabhu R, the platform provides application programme interface (API) solutions to banks and financial technology companies to develop products around bank accounts and term deposits, in addition to a range of digital payment modes including debt, credit, prepaid, QR, UPI, and toll payments.
The company said over 500 fintech firms, banks and other financial institutions use M2P’s application programming interface (API) infrastructure to embed financial products. In the past year, M2P claims it has witnessed widespread adoption of its buy now, pay later (BNPL) and programmable credit card stack that allows BNPL companies to gain access to visa Credentials.
M2P has a market presence in India, Nepal, United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain, and Egypt. The company plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and across the MENA region. it operates in over 20 markets across Asia and North Africa.
In October 2021, M2P Fintech raised $35 million in a Series C round of funding led by Tiger Global Management. In March, it raised $10 million in a Series B round of funding co-led by Flourish Ventures and Omidyar Network India.
