M2P Fintech, an application programming interface (API) infrastructure platform formerly known as Yap, has successfully raised ₹417.5 crore (approximately $50 million) from Taj Investment Holdings. This strategic investment marks Taj’s first foray into Indian startups, highlighting the growing interest in fintech solutions within the region.
According to regulatory filings accessed by Entrackr, M2P’s board approved the issuance of Series D preference shares for this funding round. The fintech company plans to use the capital to fuel its expansion efforts and address working capital needs.
Prior to this latest funding, M2P’s largest external stakeholder was Beenext, with a 10.23% ownership, followed by Tiger Global at 9.22% and Insight Partners at 6.44%. Co-founders Muthukumar Ayyakannu, Prabhu Rangarajan, and Madhusudanan R hold a combined 34.03% stake in the company.
M2P was reportedly negotiating an $80 million round, which included $30 million from secondary sales. The company provides API infrastructure that allows businesses to offer their own branded financial services through partnerships with fintech firms, ensuring regulatory compliance. Its operations extend across several countries, including Nepal, the UAE, Australia, New Zealand, the Philippines, Bahrain, and Egypt.
In a competitive landscape that includes players like Pine Labs-owned Setu, Signzy, and Decentro, M2P Fintech has made significant strides, supported by previous investments from Tiger Global and its six acquisitions, including Goals101, Syntizen, and BSG ITSOFT.
As M2P Fintech continues to grow, this latest investment positions the company to further enhance its offerings and strengthen its market presence in the fintech sector.
