Tiger Global leads $35m round of financial tech provider

M2P Fintech, an India-based financial application programming interface (API) provider, has secured US$35 million in a series C round led by Tiger Global Management.

Madhusudanan R, co-founder and CEO of M2P Fintech / Photo credit: M2P Fintech

Existing investors that participated in the round include Beenext, Flourish Ventures, Omidyar Network India, 8i Ventures, and Better Capital, as well as the DMI Group, via its investment vehicle Sparkle Fund.

M2P will use the fresh funds to enhance its API infrastructure capabilities and expand its reach beyond Asia.

Previously known as Yap, the company says that it achieved a 400% year-on-year revenue growth and is processing more than US$10 billion in annualized payments volume with its over 500 fintech partnerships.

With market presence in India, Nepal, Australia, New Zealand, Bahrain, Egypt, the United Arab Emirates, and the Philippines, it plans to extend its footprint to Indonesia, Bangladesh, and Vietnam. The startup is also pursuing organic and strategic opportunities to strengthen its product capabilities.

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“The Indian financial services ecosystem is undergoing an exciting shift to digital across banking, credit, payments, and investing. The M2P platform is enabling this shift, and many of the leading fintech companies have already chosen to work with them,” said Alex Cook, partner at Tiger Global Management.