M2P intends to use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia.
M2P Fintech, Asia’s largest API infrastructure company, today announced that it has secured USD 35 million in Series C financing. Tiger GlobalManagement led the round with existing investors BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital, and the DMI Group via its investment vehicle Sparkle Fundparticipating in the round.
M2P intends to use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia. M2P’s platform powers some of the leading banks, fintech, and consumer internet companies across Asiabecoming the leading fintech enabler in the region.
M2P achieved 400% Y-O-Y revenue growth and is processing more than USD 10 billion in annualized payments volume across millions of users through 500+ discerning fintech partnerships. M2P has a market presence in India, Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain, and Egypt. The company plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and across the MENA region.
Madhusudanan R, Co-founder and CEO of M2P Fintech, said: “The founding vision of M2P Fintech is to enable every company to become a fintech. 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. We are also aggressively pursuing organic and strategic opportunities that will strengthen our product capabilities to better serve our customers.”
He added: “We are delighted to have the backing of Tiger Global Management, with its track record of investing in category-leading companies. Having built an API ecosystem for unlocking the latent fintech potential in emerging markets, we believe the time is ripe for us to export the capabilities from India to other parts of the world.”
Alex Cook, Partner, Tiger Global Management, said: “The Indian financial services ecosystem is undergoing an exciting shift to digital across banking, credit, payments, and investing. The M2P platform is enabling this shift, and many of the leading fintech companies have already chosen to work with them. We are excited to partner with Madhu and the rest of the team as they continue to expand the platform and deliver for customers.”
Source: Business World
