Anicut Capital has provided Rs 35 crore in debt to M2P Fintech, a provider of digital banking infrastructure. This seems to be the company’s first debt round in Chennai.
According to M2P Fintech’s regulatory filing, which was obtained from RoC, the board decided to issue 350 NCDs (non-convertible debentures) at an issue price of Rs 10,00,000 apiece in order to raise Rs 35 crore.
At a valuation of $600 million, the company raised $56 million in an equity round led by Insight Partners in January 2022.
M2P Fintech was established in 2014 and offers value-added services for banks and fintechs, as well as core banking and loan management system stack, payment tools, and embedded finance. 60% of its revenue comes from its payment solutions, with the remaining 40% coming from VAS, the company’s core banking business.
1,200 organizations, including banks, fintech companies, and businesses, use M2P Fintech’s solutions, according to their website.
Apparently, with the intention of fortifying its API infrastructure, M2P has been regularly purchasing businesses. We bought Goals101 in December of last year. In July of last year, it also acquired the startup Syntizen, which provided identity validation. The cloud-based core banking system BSG ITSOFT and the debt recovery startup Origa.ai are among the six businesses the company has yet to acquire.
June 2022 saw M2P offer its early backer 8i Ventures a partial exit as well. With a two-year internal rate of return of 415%, the early-stage investor claimed to have achieved a 36X multiple on its initial investment.
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