India-based digital banking software developer M2P Fintech has secured $35m in a series C round featuring financial services firm DMI Group’s Sparkle Fund, The Economic Times has reported.
Tiger Global Management led the round, which was filled out by BeeNext, Flourish Ventures, Omidyar Network India 8i Ventures and Better Capital at a post-money valuation of $355m.
Founded in 2014 as Yap, M2P provides businesses with application programming interfaces (APIs) that allow them to create and deploy financial technology products. It will use the funding to expand its geographical presence further beyond Asia and improve its API infrastructure.
The company raised $10m in March this year in a series B round co-led by Flourish Ventures and Omidyar Network India that also featured DMI Group, BeeNext, 8i Ventures and Better Capital.
The last four had all backed a $4.5m series A for M2P led by BeeNext in April 2020 that included angel investors Ashneer Grover, Amrish Rau, Jitendra Gupta and Abhishant Pant, two months after it raised approximately $1.4m in seed funding from various individuals.
Madhusudanan R, co-founder and chief executive of M2P Fintech, said: “We are delighted to have the backing of Tiger Global Management, with its track record of investing in category-leading companies.
“Having built an API ecosystem for unlocking the latent fintech potential in emerging markets, we believe the time is ripe for us to export the capabilities from India to other parts of the world.”
