M2P Fintech eyes global expansion with Insight Partners led $56 Mn Series C1 round

M2P Fintech Cofounders

M2P Fintech – A Fintech startup, successfully raised $56 Mn in Series C1 funding led by New York-based private equity and venture capital firm Insight Partners with participation from MUFG Innovation Partners. Global and Better Capital, the existing investors also took part in this round.

The round valued the startup at $600 Mn. With this fundraise, M2P aims at not only accelerating its global expansion plans but also plans to further build its technology and team.

Launched in 2014 by Madhusudanan R, Muthukumar A and Prabhu R, M2P Fintech is an API infrastructure startup that enables businesses to embed financial products into its customers journey in tie-ups with banks and other institutions. Its clientele includes tech startups such as Slice, Cred, Ola, Razorpay.

The startup operates in more than 20 markets across Asia and North Africa and professes that more than 500 fintech startups, dozens of banks and other financial institutions leverage M2P’s API infrastructure to embed financial products.

M2P’s existing investors include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle Sparkle Fund. The startup has raised more than $100 Mn, during the previous year.

Madhusudanan R, Co-founder and CEO of M2P Fintech said, “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.”

“There is a humongous opportunity lying to be tapped and his M2P platform is just there to meet this need. It plans to bring the 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,” he further added.

Mayank Shiromani, VP of MUFG Innovation Partners, said, “We are excited about the growth of fintech and fintech-enabled businesses in India / SE Asia and we believe M2P has an important role to play in the ecosystem. Top startups in India already work with M2P. For financial institutions like MUFG, M2P unlocks new partnerships possibilities and provides tested technology for scaling digital offerings efficiently.”

In September 2021, to strengthen the plug-and-play model of its platform and technology capabilities around debt collection, M2P acquired the SaaS startup Origa AI (in a mix of cash and stock deal valued at $2 Mn – $2.5 Mn) as well as credit card sourcing startup Wizi and invested $4 Mn in Future Group-backed payments startup LivQuik Technology.

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