API infrastructure platform M2P Fintech raised over $100 M in primary and secondary funding

M2P Fintech, an application programming interface (API) infrastructure platform, has completed a primary and secondary financing round led by Helios Investment Partners, raising a total of Rs 850 crore, or roughly $101.8 million.

Renowned Asian banks also participated in the Series D round, and the company’s current investor Flourish Ventures increased their investment. Seventy million of the totals was raised through secondary transactions, with the remaining thirty million coming from primary investment. The company claims that this round has increased its valuation to around Rs 6,550 crore, or $790 million.

In addition to supporting the expansion of M2P’s global franchise, especially in Africa, the funds will be used to solidify the company’s market leadership in India, the company stated in a press release. Africa is currently the next big growth frontier for M2P, with a rapidly developing financial ecosystem that offers enormous potential.

Through partnerships with fintech companies, M2P Fintech offers API infrastructure that enables businesses to offer their own branded financial services while maintaining regulatory compliance. More than 200 banks and 300 lenders are powered by M2P Fintech, which operates in more than 30 markets across the Asia Pacific, MENA, and Oceania regions.

According to the release, the company also plans to offer “Bank in a Box” solutions, digital payments, credit card issuance, and other financial services tailored to the particular needs of regional markets.

M2P hasn’t released its FY24 financial results yet, but its operating revenue increased 2.26 times to Rs 440.7 crore from Rs 194.74 crore in FY22. But in FY23, its losses also rose 3.35 times, to Rs 134.26 crore.

The principal investor, Helios Investment Partners, is a private investment firm with an emphasis on Africa that oversees assets valued at over $3 billion. With offices in London, Lagos, and other places, the company is run and overseen by an African team. Through Taj Investment Holdings, an investment vehicle, the investment firm has made investments in M2P.