Chennai-headquartered M2p Solutions, which owns payments infrastructure platform M2P Fintech, has raised $35 million in a Series C round of funding led by Tiger Global Management.
The round also saw participation from existing investors BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital, and the DMI Group via its investment vehicle Sparkle Fund.
The company said it will use the fresh funds to enhance its application programming interface infrastructure capabilities and expand its reach beyond Asia.
“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. We are also aggressively pursuing organic and strategic opportunities that will strengthen our product capabilities to better serve our customers,” Madhusudanan R, co-founder and CEO of M2P Fintech, said.
M2P Fintech said it has achieved 400% year-on-year revenue growth and is processing more than $10 billion in annualised payments volume across 500+ fintech partnerships.
The company has a market presence in India, Nepal, 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.
Founded in 2014 by Madhusudan, Muthukumar A, and Prabhu R, the platform provides application programme interface (API) solutions to banks and financial technology companies to develop products around bank accounts and term deposits, in addition to a range of digital payment modes including debt, credit, prepaid, QR, UPI, and toll payments.
In March, it raised $10 million in a Series B round of funding co-led by Flourish Ventures and Omidyar Network India.
Last month, it acquired credit card-focused fintech startup Wizi in a mix of cash and equity for $5 million.