Chennai-based M2P Fintech, which specializes in providing digital banking infrastructure to other fintech firms as well as banks, has raised $35 million in a Series C funding round led by Tiger Global at a post-money valuation of $335 million. Existing investors Beenext Pte, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group’s Sparkle Fund also participated in the fundraising.
The company intends to use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia. API refers to software intermediaries that help computers communicate with one another.
Founded in 2014 by Madhusudanan R, and Muthukumar R and Prabhu Rangarajan, M2P Fintech’s API platform powers some of India’s leading lenders, fintech startups and consumer internet firms across Asia. The company has achieved 400% year-on-year revenue growth and is processing more than $10 billion in annualized payments through 500+ fintech partnerships, as per a statement.
The company which has over 500 fintech partnerships started its journey with a seed funding round of Rs 10 crore from fintech leaders like Amrish Rau, CEO of Pine Labs and Kunal Shah, Founder of CRED. In its last Series B round, the company had raised $10 million from investors Flourish Ventures and Omidyar Network. Last month, it acquired credit card sourcing startup Wizi in a mix of cash and equity for $5 million.
“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 million over the next 18-24 months,” said Madhusudanan R, chief executive of M2P Fintech.
M2P Fintech operates in India, Nepal, United Arab Emirates, Australia, New Zealand, the Philippines, and Egypt. “The company now plans to expand to Indonesia, Bangladesh, Vietnam, and across the Middle East and North Africa (MENA) region.
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