M2P Solutions- YAP has raised $10 million in a Series B funding round led by Flourish Ventures and Omidyar Network India. YAP’s existing investors—Beenext, 8i Ventures and Better Capital also participated in the financing round. Terms of the round were not disclosed.
Based in Chennai, the company had previously raised a $4.5 million Series A round in April 2020.
M2P Solutions is an Application Programming Interface (API) provider for banks, startups and consumer internet companies.
Madhusudanan R, Co-Founder of M2P Solutions, said, YAP currently serves companies in India, Nepal, the United Arab Emirates, Australia, New Zealand and the Philippines. It plans to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam and Indonesia.
“We are uniquely poised to cater to new cohorts of distributors as more firms embed financial services into their digital platforms. This investment allows us to strengthen our technology teams, build new capabilities as well as reach new markets across Asia,” he said
The company caters to around 20 banks in India including ICICI Bank, Yes Bank, and RBL Bank, as well as consumer internet startups such as Ola and PaisaBazaar.
Anuradha Ramachandran, investments director at Flourish Ventures, said this is their first investment in embedded finance.
“The YAP platform provides the rails on which fintechs and incumbents can build new cases for the underserved segment, while delivering financial services in a cost-effective way.”
To date, more than 250 businesses across Fintech and financial institutions have utilized M2P’s platform.