Application Programming Interface (API) infrastructure company M2P Fintech October 12 said it has raised $35 million from Tiger Global Management in a Series C round. This takes the valuation of the company to $335 million.
Existing investors like BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital, and the DMI Group via its investment vehicle Sparkle Fund too participated in the round.
The Chennai-based company intends to use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia. API refers to software intermediaries that help computers communicate with one another.
Previously known as Yap, the company was founded in 2014 by Madhusudanan R, Muthukumar A and Prabhu R. Its clients include banks, fintech, and consumer internet companies across Asia.
Speaking on the funding, Madhusudanan R, Co-founder and CEO of M2P Fintech said, "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.”
The company said it has registered 400 percent year-on-year (YoY) growth in revenues over the past 12 months and it processes annualised payments volumes of over $10 billion.
"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,” Madhusudanan added.
M2P has a market presence in India, Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain, and Egypt. The company now plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and across the Middle East and North Africa (MENA) region.
“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 Alex Cook, Partner at Tiger Global Management.
The company which has over 500 fintech partnerships started its journey with a seed funding round of Rs 10 crore from fintech leaders like Amrish Rau, CEO of Pine Labs and Kunal Shah, Founder of CRED. In its last Series B round, the company had raised $10 million from investors Flourish Ventures and Omidyar Network.