M2P Fintech, a banking-as-a-service provider, has secured Rs 850 crore (approximately $102 million) in its largest-ever funding round. The Series D round, a combination of primary and secondary transactions, was led by UK-based private equity firm Helios Investment Partners.
This funding has boosted the Tiger Global-backed fintech’s valuation to over Rs 6,550 crore (around $800 million), pushing it closer to the unicorn status. The round also saw participation from major banks across Asia, along with existing investor Flourish Ventures.
M2P Fintech plans to use the fresh capital to explore inorganic growth opportunities, build new capabilities and expand its international footprint, particularly in Africa, by leveraging Helios Investment’s network.
“We are already active in five-six markets in Africa, and with Helios Investment Partners being an Africa-focused fund, the partnership will help us scale strategically in the region,” M2P Fintech CEO and co-founder Madhusudanan R told FE.
Excluding the latest round, the company has raised $105 million in four funding rounds, which have seen participation from global investors like Tiger Global, Flourish Ventures, Omidyar Network India and Better Capital.
“We had some early investors and angels exit as part of the secondary transaction,” Madhusudanan said, without disclosing names. Indifi Technologies co-founder Alok Mittal and BharatPe co-founder Ashneer Grover are among its angel investors.
Founded in 2014 as an API infrastructure company, M2P Fintech has since grown into a prominent player in the banking-as-a-service space, offering a wide array of solutions, including core banking systems, lending suites, BNPL and UPI services. Its technology supports over 200 banks, 300 lenders, and more than 800 fintech partnerships.
Madhusudanan highlighted the company’s profitability over the past few quarters, noting that the new funding will be used to strategically execute its market expansion and position it as a potential candidate for public listing.
“We are moving in that direction (towards a public issue), but it all depends on how we perform this financial year and the next. We should be a strong candidate for a public market debut in two-three years,” Madhusudanan said.
M2P Fintech currently operates in more than 30 markets across the Asia Pacific, the West Asia, North Africa and Oceania regions, with international markets contributing 40% of its revenue last year. “In the next two-three years, this could flip, with 60-70% of revenue coming from outside India, though India will remain central to our strategy. Many of the ideas tested and scaled here are applied globally,” Madhusudanan said.