Indian fintech start-up M2P raises $56m in Series C1 round
Indian financial API infrastructure firm M2P Solutions has raised $56 million in a Series C1 round.
The round is an extension of its $35 million Series C raise in October last year.
It was led by venture capital firm Insight Partners and saw participation from Mistubishi’s investment arm MUFG Innovation Partners and existing investors Tiger Global and Better Capital.
Other existing investors who participated in the round include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures and the DMI Group via its investment vehicle Sparkle Fund.
M2P claims to have raised more than $100 million in the past year alone and it intends to use this latest cash injection to build out its tech offering, expand its team and move into new international markets such as Indonesia, Bangladesh and Vietnam.
Companies can leverage M2P’s API infrastructure to embed financial products including buy now, pay later (BNPL) services. M2P says its platform currently supports 500 fintechs and other financial institutions.
M2P co-founder and CEO Madhusudanan R, who previously spent almost half a decade at Visa, says the 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.”
Headquartered in Chennai, India, M2P operates in over 20 markets across Asia and North Africa, including the United Arab Emirates, Australia, New Zealand, Nepal, the Philippines, Qatar and Egypt.