API infrastructure platform M2P Fintech (formerly Yap) is in the final stage to raise a new round from new and existing investors. It raised $56 million in an equity round led by Insight Partners at a valuation of $650 million (post-money).
“M2P is closing a $80 million new round of funding led by a new investor. Existing investors including Insight Partners are likely to join the round,” said one of the sources requesting anonymity.
Sources assert that funding will be used to raise up tech infrastructure and accelerate growth pedal in India and overseas markets among others.
M2P Fintech’s API enables businesses to offer their own branded financial services through partnerships with fintech companies while ensuring regulatory compliance. Apart from India, it operates in Nepal, UAE, Australia, New Zealand, the Philippines, Bahrain and Egypt among several other countries.
The company will be valued at around $880 to $900 million (post-money) in the new round.
M2P has raised Rs 864 crore till date. Beenext is the largest stakeholder in the company with over 13% holding. Its co-founders Madhusudhan R, Muthukumar A and Prabhu R collectively own 34% of the firm.
M2P is yet to disclose its FY24 numbers but its operating revenue surged 2.26X to Rs 440.7 crore in FY23 from Rs 194.74 crore in FY22. The growth triggered the firm’s losses by 3.35X to Rs 134.26 crore in FY23.