M2P Solutions, based in Chennai, which owns payments infrastructure platform M2P Fintech, announced on Thursday that it has secured $56 million (about Rs 420 crore) in a Series C1 round headed by New York-based private equity and venture capital firm Insight Partners.
MUFG Innovation Partners and current investors Tiger Global and Better Capital were among the participants in the round.
According to the company, the cash will be used to expand its technology and workforce and accelerate its worldwide expansion goals.
BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle Sparkle Fund are among M2P’s existing investors. The company has raised more than $100 million in the last year.
“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. We see an unprecedented opportunity to meet this need by bringing our leading platform to other fintech markets across Europe, Africa and Asia, while doubling down on a key and emerging fintech markets such as the Philippines, Indonesia and Egypt,” Madhusudanan R, co-founder and CEO of M2P Fintech stated.
The platform, which was founded in 2014 by Madhusudan, Muthukumar A, and Prabhu R, provides banks and financial technology companies with application programme interface (API) solutions to develop products around bank accounts and term deposits, as well as a variety of digital payment modes such as debt, credit, prepaid, QR, UPI, and toll payments.
M2P’s application programming interface (API) infrastructure is used by over 500 fintech firms, banks, and other financial institutions to incorporate financial products, according to the company. M2P claims that their buy now, pay later (BNPL) and programmable credit card stack, which allows BNPL enterprises to access visa Credentials, has seen extensive use in the last year.
In India, Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain, and Egypt, M2P has a market presence. Indonesia, Bangladesh, Vietnam, and the MENA region are among the countries where the corporation aims to expand. It has a presence in more than 20 Asian and North African markets.
M2P Fintech received $35 million in a Series C round of investment headed by Tiger Global Management in October 2021. In March, Flourish Ventures and Omidyar Network India co-led a $10 million Series B round of fundraising.