M2P Solutions raises $56m in a round led by Insight Partners
By Leandra Monteiro
M2P Solutions, Asian financial Infrastructure company, announced a $56 million Series C1 raise led by New York-based global private equity and venture capital firm Insight Partners with participation from MUFG Innovation Partners, a CVC company of Mitsubishi UFJ Financial Group, Inc. (MUFG), existing investors Tiger Global and Better Capital.
In total, the company has raised more than $100 million in the past year. The investment allows M2P to further build its technology and team, while accelerating its plans to expand internationally. M2P’s existing investors also include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle Sparkle Fund.
Madhusudanan R, Co-Founder and CEO of M2P Solutions commented, “The consequence of COVID-19 pandemic has accelerated the shift from in-person to digital consumption. This shift has forced businesses across the globe to move from brick and mortar to digital channels and, in doing so, has created an urgency for businesses to adopt an API platform like ours. We see an unprecedented opportunity to meet this need by bringing our leading platform to other fintech markets across Europe, Africa and Asia, while doubling down on key and emerging fintech markets such as the Philippines, Indonesia and Egypt.”
“We are very glad to get the backing of Insight Partners and looking forward to leveraging their deep understanding of working with fintech entrepreneurs across the globe as we look to expand into new markets. MUFG with assets across the Asia will be a key partner in the next phase of our growth,” added Madhusudanan R.
“M2P is India’s leading FinTech infrastructure-as-a-service company – they knit together the broadest set of banking and fintech relationships in the market and have built powerful products delivered as an API with a strong commitment to customer service,” said Nikhil Sachdev, Managing Director at Insight Partners. “M2P’s stellar founding team and rapid growth have established the company as a clear market-leader that is transforming financial innovation in the region. We’re excited to partner with Madhu and team as they continue to scale up.”
Mayank Shiromani, VP, MUFG Innovation partners said, “We are excited about the growth of fintech and fintech-enabled businesses in India / SE Asia and we believe M2P has an important role to play in the ecosystem. Top start-ups in India already work with M2P. For financial institutions like MUFG, M2P unlocks new partnerships possibilities and provides tested technology for scaling digital offerings efficiently.”
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