[Funding alert] M2P Fintech invests $4M in LivQuik
Chennai-based M2P FINTECH, an API infrastructure company that enables businesses of any scale to embed financial products in their customer journeys, has announced an investment of $4 million in Livquik Technology.
M2P said in a statement that this strategic investment will allow M2P to build on its ability to serve fintech to go to market faster with new and innovative products.
Madhusudanan R, Co-founder - M2P Fintech, said,
"At M2P, we are constantly looking for novel ways to enhance our services. While banks serve the requirements of large enterprises, consumer internet companies and established use cases, we realised that early stage fintech are not served adequately, partly due to high governance costs for banks to back companies in their infancy, coupled with uncertainty around business model or scalability. We believecan serve this segment meaningfully and the partnership with Livquik will help realise our vision to enable every company to become a fintech."
Founded in 2012, LivQuik is a Future Group-backed payments technology company. It is a RBI-approved prepaid payment issuer (PPI) and Full-Fledged Money Changer (FFMC). It offers payment gateway and enterprise fintech software development services, and has been managing the Future Pay platform.
LivQuik's CEO Mohit Lalvani said that the pandemic has accelerated the consumers to shift towards digital payments. "This investment and partnership with M2P Fintech is a recognition for the innovative work we've done in the fintech space; we're confident that it will enable us to expand our products and solutions significantly," he added.
Last year, Visa had onboarded LivQuik for its Fintech Fastrack Program in India, which enables LivQuik to issue Visa Prepaid credentials, process Visa Direct transactions for foreign inward remittance and enable other fintechs to issue co-branded Visa Prepaid Cards.
The Reserve Bank of India in its Annual Report 2020-21 said the COVID-19 pandemic has fast-tracked digital transformation of the payments ecosystem in India. Besides augmenting the broad-based use of technology, the pandemic has fuelled the proliferation of digital modes of payment, propelling the country towards ‘less-cash alternatives. Overall, the total digital transaction volume in 2020-21 rose to Rs 4,371 crore, as against Rs 3,412 crore in 2019-20. Some of the prominent players in the payments space include Paytm, PhonePe, Amazon Pay, and WhatsApp Pay.
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