Banking infra player M2P's revenue declines 13% YoY to Rs 382 crores in FY24

M2P Fintech founders

M2P Fintech, a banking and fintech infrastructure provider, reported a 13.3 percent decline in revenue from operations for the financial year 2024, which stood at Rs 382 crore compared to Rs 441 crore in the previous year. The drop reflects a slowdown in demand, driven by macroeconomic factors and increasing competition in the fintech infrastructure space.

The fintech firm also reported a slight improvement in its net loss for the year. The total net loss narrowed marginally to Rs 133.53 crore in FY24 from Rs 134.26 crore in FY23, showed filings sourced from financial and data analysis platform Fintrackr. 

However, total expenses saw a significant reduction at Rs 527.58 crore in FY24 compared to Rs 623.30 crore in FY23, marking a decrease of approximately 15.4 percent.

These numbers come amid recent developments surrounding M2P Fintech's acquisition of AI startup Mad Street Den, a move aimed at strengthening its AI capabilities. The acquisition news was first reported by Moneycontrol. M2P Fintech also acquired big data analytics firm Goals101 in December of 2023 for a deal size of $30 million.

Just a few months ago the firm received a large funding round of Rs 850 crore (around $102 million) led by Africa-based Helios Investment Partners through a mix of primary and secondary share capital. The new round took the company's valuation to around $800 million.

Previously known as Yap, the company was founded in 2014 by Madhusudanan R, Muthukumar A and Prabhu R. Headquartered in Chennai, M2P Fintech is a API infrastructure platform that enables businesses in the banking, financial services, and fintech sectors to launch and scale various digital financial services.

It provides APIs that allow companies to integrate with banks, payment networks, and other financial institutions.