M2P Fintech, based in Chennai, provides API infrastructure solutions to banks primarily in Asia, and has raised $56 million in a C1 series round led by Insight Partners. The Mitsubishi Group’s MUFG Innovation Partners, as well as existing investors Tiger Global and Better Capital, took part in the round, according to a press release from M2P.
M2P recently raised $35 million in a Series C round led by Tiger Global. Since early 2021, the company, formerly known as Yap, has raised more than $100 million. The firm did not disclose its current valuation, but we estimated it to be around $250–300 million at the time of the October round.
The company provides technology that connects fintech companies, banks, and merchants with credit and prepaid cards, as well as a suite of neobanking solutions. The “urgency for businesses to adopt an API platform” following the COVID-19 pandemic, according to Madhusudhan R, the firm’s startup and CEO, has been a key driver of the company’s astronomical growth in the last two years.
Aside from India, M2P claims that its key markets include the United Arab Emirates, Australia and New Zealand, Nepal, the Philippines, Bahrain, and Egypt.
While the company has yet to file its annual financial report for FY21, its operating revenue increased 4.6X to Rs 22.35 crore in FY20 from Rs 4.88 crore in FY19.
Get to know the pulses of the Indian startup ecosystem in reality by attending “INDIA FIRST TECH STARTUP CONCLAVE & AWARDS’22-Delhi Chapter” organized by the All India Council for robotics and automation, supported by the Ministry of electronics and information technology.
The event is scheduled to be held on the 17th and 18th of February 2022, marking the biggest tech startup event this year. The event brings together the speakers that are the best breed of entrepreneurs, innovators, venture capitalists, government department’s representatives, business model creators, consultants, policy-makers, academicians, support groups, business coaches and business practitioners.
The Platform helps startups to ramp up their innovative ideas and show off their services and products to attract investors. The experts of the industry will address and discuss all the innovations happening around the startup environment that youth empowerment and new-age tech business ideas can grow.
Click to know more about India’s biggest tech startup event: https://www.aicra.org/events/delhi/index.php
