Fintech Startup M2P Fintech raises $56 million in Series C1 round
- ByTejika Bajaj | January 21, 2022
Chennai based fintech startup M2P Fintech recently announced that it has raised a sum of $56 million as a part of its Series C1 round of funding led by New-York based private equity firm Insight Partners.
The round also witnessed participation from MUFG Innovation Partners as well as existing investors including Tiger Global and Better Capital. With this announcement, the post money valuation of the startup has jumped to over $600 million as per estimates.
The current round of funding has still not been closed and the startup intends to infuse an additional sum of $4 million as a part of the on-going Series C round of funding. Till date, the startup has raised more than $107 million in equity funding.
Sources aware of the matter have revealed that the startup intends to utilise the proceeds of the latest round towards fueling its international expansion plans as well as to launch other peripheral financial products such as rewards and loyalty. The startup also plans to acquire new startups while increasing its current team size.
Talking about the startup along with the recent round of funding, the co-founder and CEO of M2P Fintech said, “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. We have 3-4 distinct cohorts of customers that we work with. This includes top tier as well as small-banks where we help them repurpose their technology stack. 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.”
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