Exclusive: M2P Fintech raises $50 Mn from Taj Investment Holdings
Summary
Application programming interface (API) infrastructure platform M2P Fintech (formerly Yap) has raised Rs 417.5 crore ($50 million) from new investor Taj Investment Holdings.The board at M2P passed a resolution to issue and offer Series D preference shares for this amount, according to regulatory filings accessed by Entrackr from the Registrar of Companies (RoC).M2P plans to utilize these funds for expansion and to meet its working capital needs. We have reached out to M2P for comment and will update the story if they respond.Additionally, M2P has increased its employee stock option pool (ESOP) by adding 38,700 new options, bringing the total ESOP pool to 1,29,140 employee stock options, according to a separate resolution filed by the company.Prior to this funding round, Beenext was M2Ps largest external stakeholder, holding 10.23%, followed by Tiger Global with 9.22%, and Insight Partners with 6.44%. Entrackr exclusively reported on the potential fundraise in July.M2P Fintech provides API infrastructure that enables businesses to offer their own branded financial services through partnerships with fintech companies while ensuring regulatory compliance. The company operates in several countries, including Nepal, the UAE, Australia, New Zealand, the Philippines, Bahrain, and Egypt, among others.Backed by Tiger Global, M2P has also made six acquisitions to date, including Goals101, Syntizen, and BSG ITSOFT.In FY23, M2Ps operating revenue surged 2.26X to Rs 440.7 crore, up from Rs 194.74 crore in FY22. The company has yet to file its FY24 results.In the competitive API infrastructure space, M2P Fintech faces rivals such as Pine Labs-owned Setu, Signzy, and Decentro.