M2P Fintech raises $56 million led by Insight Partners, valuation jumps to $600 million
Summary
Financial infrastructure provider M2P Fintech has raised $56 million led by New York-based global private equity firm Insight Partners ET had first reported in October , last year that the company was in talks to raise the fresh funding , almost doubling its valuation to $600 million in a few months.M2Pprovides API infrastructure which enables businesses of any scale to embed financial products. Existing investors Tiger Global and Better Capital also participated in the round.The funding is still not closed with the company looking to raise an additional $4 million as a part of the same round, people aware of the development confirmed to ET. We also work with lending fintechs including Slice, Uni to help them go-to market faster, and large consumer internet companies such as Swiggy and Ola to embed new financial products,” said Madhusudanan R, co-founder and chief executive of M2P Fintech.“The funding comes at a point when we are looking to scale our international presence, as we see a large opportunity for financial infrastructure providers like ours,” he said.Madhusudanan added that the company is also working with legacy credit companies such as TVS Capital and Muthoot Finance, helping them embeds newer fintech offerings.“Covid has accelerated the adoption towards digital.These legacy credit entities are looking to up their game, behaving like fintechs and wanting to be part of the disruption,” added Madhusudanan.Over the last year, M2P Fintech has scaled its solution to six international markets including Nepal, UAE, Australia and New Zealand. Last year, the company acquired credit card decisioning platform, Wizi, and loan recovery software provider, Origa.“We are excited about the growth of fintech and fintech-enabled businesses in India and South-east Asia and we believe M2P has an important role to play in the ecosystem. For financial institutions like MUFG, M2P unlocks new partnerships possibilities and provides tested technology for scaling digital offerings efficiently,” said Mayank Shiromani, vice president, MUFG Innovation Partners.M2P’s existing investors also include Beenext, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle Sparkle Fund.