Chennai-based M2P Fintech, formerly known as Yap, today announced that it has raised $ 35 million in Series C funding led by Tiger Global Management.
The round table also saw the participation of existing investors BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI group through its investment vehicle Sparkle Fund.
Currently, M2P is present in the market in India, Nepal, United Arab Emirates, Australia, New Zealand, Philippines, Bahrain and Egypt. The company intends to use the new funds to enhance its application programming interface (API) infrastructure capabilities and expand its reach beyond Asia.
“We are delighted to have the support of Tiger Global Management. Having built an API ecosystem to unleash latent fintech potential in emerging markets, we believe the time has come for us to export capabilities from India to other parts of the world, ”said Madhusudanan R , co-founder and CEO of M2P Fintech.
Founded in 2014, Chennai-based fintech was seeded until early 2020. In February 2020, M2P raised ₹ 10 crore in seed funding from Amrish Rau, Kunal Shah and others, followed by a round of Series A financing of $ 4.50 million in July 2020 led by Beenext. In February 2021, M2P raised $ 10 million in Series B.
“We were primed for the first five years. We were calm and frugal, but we noticed that the appeal of our products was not just limited to India, but portable to any other part of the world. That’s when we realized that by being a bootstrap we were limiting ourselves because when you go to global markets they look at investor support, team size, etc. So we realized that having capital would help us grow faster, ”Madhusudanan said. Activity area.
M2P enables companies to quickly create and deploy fintech products by simplifying partnerships with banks, PPIs, FIs and other regulated entities.
“Our immediate goal is to double the growth in India and the expansion of our team in Dubai, where we have committed to invest over AED100 million over the next 18-24 months. We are also aggressively seeking organic and strategic opportunities that will strengthen our product capabilities to better serve our customers, ”said Madhusudanan.
Last week, M2P acquired Origa.ai, a Bengaluru-based software as a service (SaaS) technology platform that enables fintech and traditional lenders to manage their collections operations. A week earlier, it had acquired Chennai-based credit card fintech Wizi.
“The way banks buy technology is changing rapidly and there is a much faster adaptation to platforms like ours. Therefore, we need to aggressively enter markets where we have no presence, ”Madhusudanan said, adding:“ we would be a pan-Asian company by the end of next year, so a lot of money. will go to building teams, growing new markets and acquiring companies that complement our activity.
“The M2P platform enables this change, 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, ”said Alex Cook, Partner of Tiger Global Management in a press release. .
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