Insight leads $56m Series C for India's M2P Fintech
India’s M2P Fintech, a software provider that connects banking infrastructure to consumer-facing technology platforms, has raised USD 56m in Series C funding led by Insight Partners.
MUFG Innovation Partners, Tiger Global Management, and Better Capital also participated. Tiger Global and Better also contributed to a USD 35m Series C tranche last year with support from 81 Ventures Fund, Beenext Capital Management, DMI Alternative Investments, Flourish Ventures, and Omidyar Network India.
M2P Fintech, previously known as YAP, works with more than 20 banks and some 500 fintech companies to help companies launch financial services such as payments and buy now-pay later (BNPL) products. It claims its programable credit card software, which allows BNPL companies to access Visa’s credentials screening system, has seen widespread adoption in the past year.
M2P, whose founders previously worked for the likes of Visa and Citibank, operates in over 20 markets across Asia and North Africa, including a strong presence in Australia, New Zealand, Nepal, the Philippines, the United Arab Emirates, Bahrain and Egypt. Its expansion plans include entering Indonesia, Bangladesh, Vietnam, and across the Middle East and North Africa.
“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 [application programming interface] with a strong commitment to customer service,” Nikhil Sachdev, a managing director at Insight, said in a statement.
“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.”
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