Asia's banking infrastructure startup M2P Fintech raises $56m to accelerate global expansion
M2P Fintech, Asia's financial Infrastructure company, announced a $56 million Series C1 raise led by New York-based global private equity and venture capital firm Insight Partners with participation from MUFG Innovation Partners, a CVC company of Mitsubishi UFJ Financial Group, Inc. (MUFG) - one of the world's leading financial groups, existing investors Tiger Global and Better Capital.
In total, the company has raised more than $100 million in the past year. The investment allows M2P to further build its technology and team, while accelerating its plans to expand internationally. M2P's existing investors also include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle Sparkle Fund.
M2P Fintech, an API infrastructure company that enables businesses of any scale to embed financial products in their customer journeys, is the platform of choice for the burgeoning fintech ecosystem. Over 500 fintech companies dozens of Banks and other financial institutions leverage M2P's API infrastructure to embed financial products. In the past year, M2P witnessed widespread adoption of its Buy Now, Pay Later (BNPL) + Programmable Credit card stack that allows BNPL companies to gain access to Visa Credentials, thereby helping them go to market rapidly. M2P Fintech operates in over 20 markets across Asia and North Africa.
Madhusudanan R, Co-founder and CEO, M2P Fintech: "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. We see an unprecedented opportunity to meet this need by bringing our leading platform to other fintech markets across Europe, Africa and Asia, while doubling down on key and emerging fintech markets such as the Philippines, Indonesia and Egypt.
We are very glad to get the backing of Insight Partners and looking forward to leveraging their deep understanding of working with fintech entrepreneurs across the globe as we look to expand into new markets. MUFG with assets across the Asia will be a key partner in the next phase of our growth." added Madhusudanan R.
Nikhil Sachdev, Managing Director, Insight Partners: "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 delivered as an API with a strong commitment to customer service. M2P's stellar founding team and rapid growth have established the company as a clear market-leader that is transforming financial innovation in the region. We're excited to partner with Madhu and team as they continue to scale up."
Mayank Shiromani, VP, MUFG Innovation partners: "We are excited about the growth of fintech and fintech-enabled businesses in India / SE Asia and we believe M2P has an important role to play in the ecosystem. Top start-ups 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."