M2P Fintech, a leading API infrastructure provider, has secured ₹850 crore (approximately $102 million) in a Series D funding round, led by Africa-based Helios Investment Partners.
The round comprised both primary and secondary share capital, bringing M2P’s valuation to nearly $800 million. Helios contributed around $50 million, alongside existing investors like Flourish Ventures and several Asia-based bankers.
M2P plans to allocate more than half of the funds for acquisitions to accelerate growth. “We need to look at some markets where we may need to intervene to contribute more quickly. This could lead to higher investment or cash deployment,” said co-founder Madhusudanan R, in an interview with Mint.
The funding will support M2P’s strategy for international expansion, particularly in Africa, and inorganic growth through acquisitions.
The company is also set to boost its workforce by more than 10%. Notably, early-stage investor BeeNext, which previously held a 10.23% stake, will sell part of its shares in this round. Co-founders Muthukumar Ayyakannu, Prabhu Rangarajan, and Madhusudanan R retain a 34.03% collective ownership.
M2P Fintech offers API infrastructure that enables businesses to provide branded financial services in compliance with regulatory standards. The company operates across multiple countries, including the UAE, Australia, Nepal, and Egypt.
In FY23, M2P’s operating revenue soared 2.26 times to ₹440.7 crore from ₹194.74 crore in FY22. However, losses also increased 3.35 times, reaching ₹134.26 crore. The company has not yet filed its FY24 results. Backed by Tiger Global, M2P has completed six acquisitions to date, including Goals101, Syntizen, and BSG ITSOFT.