Chennai-based M2P Fintech, a financial Infrastructure company, has raised $56 million in a Series C1 round led by New York-based global private equity and venture capital firm, Insight Partners.
The round also saw participation from MUFG Innovation Partners, a CVC company of Mitsubishi UFJ Financial Group, Inc. (MUFG) — one of the world’s leading financial groups, existing investors Tiger Global and Better Capital. In total, the company has raised more than $100 million in the past year. 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 intends to use the money raised to further build its technology and team and expand into the newer markets.
Madhusudanan R., co-founder and CEO of M2P Fintech, told The Hindu, “Currently, our team strength is 500 plus and majority of them work out of the Chennai office and some work from Bengaluru, Mumbai and Dubai. We intend to add another 250 people to our workforce by the end of June.”
He added that a majority of hiring will happen through the Better Half initiative that the company launched recently. This particular initiative, which the company claims is first of its kind is a half a day formal employment program, which is specifically aimed at women who want to restart their career.
Mr. Madhusudanan pointed out that the consequence of 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.,” he noted.
The company is also looking at acquiring start-ups who do similar work and is in the process of evaluating few firms. Last year, M2P Fintech acquired credit card sourcing start-up Wizi and SaaS startup Origa AI.
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 to Indonesia, Bangladesh, Vietnam, and across the MENA region.
API infrastructure company M2P Fintech, previously known as YAP, provides digital banking infrastructure to FinTech firms and banks. Over 500 fintech companies, dozens of banks and other financial institutions leverage M2P’s API infrastructure to embed financial products.
