API infrastructure platform M2P Fintech reportedly reached the final stage to secure $80 million at a $900 million valuation.
M2P Fintech, previously known as Yap, is said to be in the last few stages of finalizing a new round including new and existing investors, according to an update shared by entrackr.com.
The India-headquartered firm, which last acquired funds two and a half years back, has previously raised $56 million in a round led by Insight Partners. Following this round, it achieved a post-money valuation of $650 million.
A source familiar with the matter said that M2P Fintech is set to acquire $80 million in this latest round, led by a new investor.
Existing investors including Insight Partners are set to participate in the latest raise as well. The new funding is expected to be channeled towards improving the firm’s tech infrastructure and promoting growth in local and international markets.
It’s worth noting that M2P Fintech’s API platform enables firms to offer various financial services via strategic partnerships with fintechs while also ensuring regulatory compliance.
Along with its business operations in India, the firm maintains a presence in Nepal, UAE, Australia, New Zealand, the Philippines, Bahrain, Egypt, and other nations.
Other sources said that M2P Fintech’s valuation in this latest round is expected to be anywhere between $880 million and $900 million (post-money).
The Fintech firm has received a term sheet, and the transaction is to be publicly announced in the near future.
The firm, which is notably backed by Tiger Global, has acquired six companies so far, including Goals101, Syntizen, and BSG ITSOFT, in order to improve its product suite.
TheKredible has indicated that Beenext is the biggest shareholder in the firm with more than a 13% ownership stake, and the co-founders hold 34% of the business.
While M2P Fintech hasn’t published its FY24 financials, it reported a considerable boost in operating revenue. But this growth was offset by a major increase in overall losses.
