API infrastructure startup M2P Fintech has raised $35 million (around Rs 264 crore) in a funding round led by Tiger Global Management. Beenext, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital, and the DMI Group were the other investors who participated in the Series C funding round.
DMI Group through its investment vehicle Sparkle Fund has infused money in M2P, previously known as Yap, said in a statement on Tuesday. M2P's API infrastructure enables businesses of any scale to embed financial products in their customer journeys.
M2P will use the funds to enhance its API infrastructure capabilities and expand its reach beyond Asia, said Madhusudanan R, Co-Founder and Chief Executive. It processes over $10 billion in annualised payments volume across millions of users through over 500 fintech partnerships.
The Chennai-based startup is present in India, Nepal, the UAE, Australia, New Zealand, the Philippines, Bahrain, and Egypt and plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and across the Middle East and North Africa (MENA) region.
Our immediate focus is to double down on growth in the domestic market and expand the team in Dubai, where M2P has committed to investing over United Arab Emirates Dirham (AED) 100 million over the next two years, said Madhusudanan.
Its platform allows businesses to quickly create and deploy fintech products by simplifying the partnerships with banks, financial institutions and other regulated entities.
(With inputs from PTI)