M2P Fintech raises $35 mn from Tiger Global to expand API platform globally

M2P Fintech, which enables businesses to embed financial products in their customer journeys, announced that it has secured $35 million in Series C financing. Tiger Global Management led the round, which valued the company at USD 335 million. 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 plans to use the fresh funds to enhance its application programming interface (API) infrastructure capabilities and expand its reach beyond Asia. M2P’s platform powers some of the leading banks, fintechs, and consumer internet companies across Asia becoming the leading fintech enabler in the 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 of M2P Fintech. “We are also aggressively pursuing organic and strategic opportunities that will strengthen our product capabilities to better serve our customers.”

M2P achieved 400 per cent year-over-year revenue growth and is processing more than  $10 billion in annualized payments volume across millions of users through more than 500 discerning fintech partnerships. M2P has a market presence in India, Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, and Egypt. The company plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and across the MENA region.

“Having built an API ecosystem for unlocking the latent fintech potential in emerging markets, we believe the time is ripe for us to export the capabilities from India to other parts of the world,” said Madhusudanan

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,” said Cook. “We are excited to partner with Madhu and the rest of the team as they continue to expand the platform and deliver for customers.”