Asian API infrastructure company M2P Fintech this week announced a $35 million Series C round. Tiger Global Management led the raise with participation from existing investors BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group via its investment vehicle Sparkle Fund.
M2P said it intends to use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia. The company said it is processing more than $10 billion in annualized payments volume across millions of users through more than 500 fintech partnerships. M2P currently has a market presence in India, Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain and Egypt. Its expansion plans include moves to Indonesia, Bangladesh, Vietnam, and elsewhere in the MENA region.
“The founding vision of M2P Fintech is to enable every company to become a fintech,” co-founder and CEO Madhusudanan R 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.”
“We are delighted to have the backing of Tiger Global Management, with its track record of investing in category-leading companies. 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.”
Changes in the current landscape make this the ideal time to work with M2P Fintech, a partner from Tiger Global Management explained.
“The Indian financial services ecosystem is undergoing an exciting shift to digital across banking, credit, payments, and investing,” Alex Cook said. “The M2P platform is enabling this shift, and many of the leading fintech companies have already chosen to work with them. We are excited to partner with Madhu and the rest of the team as they continue to expand the platform and deliver for customers.”