[Funding alert] M2P Fintech raises $35M led by Tiger Global
Tiger Global Management., the Chennai-headquartered API infrastructure startup, has raised $35 million in a Series C round of funding led by
The funding round also saw the participation of existing investors — BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital, and the DMI Group via its investment vehicle Sparkle Fund participating in the round.
M2P, previously known as YAP, intends to use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia. The startup's tech platform is used by banks, fintech companies, and consumer internet companies across Asia.
On the funding received, Madhusudanan R, Co-founder and CEO, M2P Fintech, said: "The founding vision of M2P Fintech is to enable every company to become a fintech. Our immediate focus is to double down on growth in India and the expansion of our team in Dubai, where we have committed to invest more than AED (dirham) 100 million over the next 18-24 months. We are also aggressively pursuing organic and strategic opportunities that will strengthen our product capabilities to better serve our customers.”
According to M2P, it has achieved 400 percent year-on-year revenue growth and is processing more than $10 billion in annualised payments volume across millions of users through 500-plus fintech partnerships.
M2P has a market presence in India, Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain, and Egypt. The company plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and across the MENA region.
Alex Cook, Partner, Tiger Global Management, said: “The Indian financial services ecosystem is undergoing an exciting shift to digital across banking, credit, payments, and investing. The M2P platform is enabling this shift, 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.”