The company was valued at $335 million.
Chennai-based M2P Fintech, an API infrastructure company, has secured $35 million in a Series C funding. Tiger Global Management, which led the round, valued the company at $335 million.
The existing investors, BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group, via its investment vehicle Sparkle Fund also participated in the round.
M2P intends to use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia.
Currently, 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 Middle East and North Africa (MENA) region.
“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 100 million over the next 18-24 months,” said Madhusudanan R., Co-founder and CEO, M2P Fintech.
Alex Cook, Partner, Tiger Global Management, said that 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 fintech companies have already chosen to work with them,” he added.
In the Series A round in April 2020, the firm had raised $4.5 million and another $10 million in March 2021 in the Series B funding.
The company was founded in November 2014 by Mr. Madhusudanan, Muthukumar A. and Prabhu R.
Since then, the API products have been utilised by tech companies including OLA, Swiggy, Bharat pe, Razorpay, Finin and over 200 firms.
Source: Read Full Article