M2P Fintech raises $56 mn led by Insight Partners

Chennai: Financial infrastructure company M2P Fintech has raised $56 million funding in a series C round led by New York-based Insight Partners with participation from MUFG Innovation Partners (a CVC company of Mitsubishi UFJ Financial Group, Inc), and existing investors Tiger Global and Better Capital. With this, M2P Fintech’s valuation has jumped from $335 million during its previous round in October to about $600 million in this round.

The company has raised more than $100 million in the past year alone, and it intends to use the funds raised to accelerate international expansion and further build its technology and team. The API infrastructure company enables businesses of any scale to embed financial products in their customer journey. Fintech companies, banks and other financial institutions leverage M2P’s API infrastructure to embed financial products. “The consequence of Covid-19 pandemic has accelerated the shift from in-person to digital consumption. This shift has forced businesses across the globe to move from brick and mortar to digital channels and, in doing so, has created an urgency for businesses to adopt an API platform like ours,” Madhusudanan R, co-founder and chief executive officer of M2P Fintech, said.

M2P’s other existing backers include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group. Headquartered in Chennai, India, M2P operates in over 20 markets across Asia and North Africa.