Chennai-based financial infrastructure start-up M2P Fintech on Thursday announced a $56-million Series C1 raise, led by New York-based global private equity and venture capital firm Insight Partners. The funding also saw participation from MUFG Innovation Partners, a CVC company of Mitsubishi UFJ Financial Group (MUFG), and existing investors Tiger Global and Better Capital. According to TechCrunch, the start-up has been valued at over $ 600 million for this round of fund-raise. M2P Fintech had raised more than $100 million in the past year.
The investment allows M2P to further build its technology and team, while accelerating its plans to expand internationally. M2P’s existing investors also include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle Sparkle Fund.
M2P Fintech, an API infrastructure company that enables businesses of any scale to embed financial products, is the platform of choice for the burgeoning fintech ecosystem. Over 500 fintech companies, dozens of banks and other financial institutions leverage M2P’s API infrastructure to embed financial products. M2P Fintech operates in over 20 markets across Asia and North Africa.
Madhusudanan R, co-founder and CEO of M2P Fintech, said, “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 key and emerging fintech markets such as the Philippines, Indonesia and Egypt. We are very glad to get the backing of Insight Partners and looking forward to leveraging their deep understanding of working with fintech entrepreneurs across the globe as we look to expand into new markets. MUFG with assets across the Asia will be a key partner in the next phase of our growth.”
Headquartered in Chennai, M2P operates in over 20 markets across Asia and North Africa. A few key markets apart from India include the United Arab Emirates, Australia, New Zealand, Nepal, the Philippines, Bahrain and Egypt. The company plans to expand its footprint to Indonesia, Bangladesh, Vietnam and across the MENA region.
Nikhil Sachdev, MD at Insight Partners, said : “M2P is India’s leading FinTech infrastructure-as-a-service company — they knit together the broadest set of banking and fintech relationships in the market and have built powerful products delivered as an API with a strong commitment to customer service. M2P’s stellar founding team and rapid growth have established the company as a clear market-leader that is transforming financial innovation in the region.”
Mayank Shiromani, VP, MUFG Innovation partners, said: “We believe M2P has an important role to play in the ecosystem. Top start-ups in India already work with M2P. For financial institutions like MUFG, M2P unlocks new partnerships possibilities and provides tested technology for scaling digital offerings efficiently.”