MetaMap (formerly Mati), a US-based fintech startup, announced on Tuesday that it has raised Rs 530 crore in Series B funding led by Tribe Capital, with participation from Craft Ventures, Alameda Research (FTX), Titan Capital, and prominent angel investors.
The new capital brings the company’s total funding to Rs 630 crore, and it will be used to invest in product development and further its international expansion as it pursues its mission of enabling billions of people to gain access to online services and experience upward mobility.
The world continues to gravitate towards a more fluid, borderless economy that fosters greater participation from individuals who have typically been excluded from global commerce. However, the tools needed to make this vision a reality are still missing,” Filip Victor, founder and CEO of MetaMap, said in a statement.
MetaMap is establishing their flagship tech hub in India, with over 30 employees already spread across offices in Bangalore and Gurugram, and a plan to more than fivefold headcount in India this year. In 2022, it also announced a number of partnerships with leading Indian fintechs, marketplaces, and cryptocurrency exchanges.
Entrepreneurs can use MetaMap to vet individuals and assess their risk profile based on a variety of personal merits validated by hundreds of data points.
With these advantages, entrepreneurs can recognise the entire spectrum of an individual’s profile, from basic qualifications like legal identity to more sophisticated qualifications like biometrics and psychometrics.
As a result, users can access digital services for the first time, which is common. MetaMap developers can create custom automated workflows that qualify users based on a variety of criteria at any stage of their customer journey.