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 fresh capital will be used to enhance its API infrastructure capabilities and expand its reach beyond Asia. An application programming interface, or (API, is a set of tools, definitions, and protocols for integrating application software and services.
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 annualised payments through 500+ fintech partnerships, as per a statement.
In March, the fintech startup raised $10 million in a funding round led by 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. “We are also aggressively pursuing organic and strategic opportunities that will strengthen our product capabilities to better serve our customers.”
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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.
“The Indian financial services ecosystem is undergoing an exciting shift to digital in banking, credit, payments and investing,” said Alex Cook, partner at Tiger Global. “The M2P platform is enabling this shift, and many of the leading fintech companies have already chosen to work with them.”
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