India’s M2P Fintech plots expansion following $35m raise
Indian banking API provider M2P Fintech has raised $35 million in a Series C funding round.
The round, led by US fintech-focused investment firm Tiger Global, values M2P at $335 million, India’s Economic Times reports.
Existing investors Beenext Pte, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group’s Sparkle Fund also participated in the fundraise.
M2P’s API platform supports lenders, fintechs and internet firms across Asia and the Middle East.
The firm claims to work with more than 500 fintechs and has partnered with more than 30 banks in different countries to deliver API capabilities for banking and payments products.
The cash will go towards improving the fintech’s API infrastructure capacity, deepening its footprint in India and Dubai and expanding into markets beyond those which it already serves.
“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,” says CEO Madhusudanan R.
The company then plans to expand into Indonesia, Bangladesh, Vietnam and across the Middle East and North Africa region.