API Infrastructure Platform M2P Fintech Raises $50 Million from Taj Investment Holdings
M2P Fintech, a Chennai-based company that offers Application Programming Interface (API) infrastructure, has secured funding of Rs 417.5 crore ($50 million) from new investor Taj Investment Holdings. The company plans to utilize these funds for expansion and working capital needs.
This funding round values the company at around $800 million, as reported by TheKredible, a startup data intelligence platform. The investment comes despite the company’s operating losses surging 3.35X to Rs 134.26 crore in FY23.
Taj Investment Holdings, the new investor, is a relatively newcomer to the Indian startup ecosystem, with no prior investments in Indian startups. M2P has issued and allotted Series D preference shares to the tune of $50 million as part of this funding round.
The company has increased its employee stock option pool by 38,700 options, bringing the total ESOP pool to 1,29,140. Prior to this funding round, Beenext was M2P’s largest external stakeholder, followed by Tiger Global and Insight Partners.
M2P Fintech provides API infrastructure that enables businesses to offer their own branded financial services while ensuring regulatory compliance. The company operates in several countries and has made six acquisitions to date, including Goals101, Syntizen, and BSG ITSOFT.
In the competitive API infrastructure space, M2P Fintech competes with other players such as Pine Labs-owned Setu, Signzy, and Decentro.
