M2P Fintech, a financial infrastructure company based in India, has raised $56m in its Series C1 funding round.
The investment was led by New York-based private equity and venture capital firm Insight Partners. Commitments also came from MUFG Innovation Partners, Tiger Global and Better Capital.
With the capital, M2P hopes to deepen its technology and grow its team. Funds will also be used to expand internationally.
M2P is an API infrastructure company that enables businesses to embed financial products into their customer journeys. Its services are used by over 500 FinTechs, banks and financial institutions. It currently operates in over 20 markets across Asia and North Africa.
Its APIs support card issuance, cross-border payments, credit cards, buy now pay later, neo banking, investing and more.
M2P Fintech co-founder and CEO Madhusudanan R. said, “The consequence of COVID-19 pandemic has accelerated the shift from in-person to digital consumption. This shift has forced businesses across the globe to move from brick and mortar to digital channels and, in doing so, has created an urgency for businesses to adopt an API platform like ours.
“We see an unprecedented opportunity to meet this need by bringing our leading platform to other fintech markets across Europe, Africa and Asia, while doubling down on key and emerging fintech markets such as the Philippines, Indonesia and Egypt.
With the close of the round, the FinTech company has raised a total of $100m in funding in the past year.
Other existing investors in M2P include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures and the DMI Group.
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