M2P Fintech, which calls itself a financial infrastructure company, on Thursday announced a $56 million (about Rs 409.7 crore) fundraise led by New York-based private equity fund Insight Partners.
Japan's MUFG Innovation Partners and existing investors Tiger Global and Better Capital also participated in the funding round, a statement said, adding that the company has now raised $100 million in a year.
The proceeds generated by the Chennai-based company will be deployed for building technology and team, and also accelerate its plans to expand globally.
The company, which also counts on BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group's investment vehicle Sparkle Fund as its other investors, is an API (Application Programming Interface) infrastructure company that enables businesses of any scale to embed financial products in their customer journeys.
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Currently, it serves 500 fintechs and dozens of banks in 20 markets in Asia and North Africa.
It's co-founder and chief executive Madhusudanan R said the pandemic has accelerated the shift from in-person to digital consumption, forcing businesses across the globe to move from brick-and-mortar to digital channels and in turn created an urgency for businesses to adopt API platforms.
“M2P is India's leading FinTech infrastructure-as-a-service company – they knit together the broadest set of banking and fintech relationships in the market and have built powerful products,” Insight's managing director Nikhil Sachdev said.
“Top startups in India already work with M2P. For financial institutions like MUFG, M2P unlocks new partnerships possibilities and provides tested technology for scaling digital offerings efficiently,” MUFG Innovation Partners' Vice President Mayank Shiromani said.
(With inputs from PTI)
