M2P Fintech has raised $56 million led by New York-based global private equity firm Insight Partners. M2P Fintech provides API infrastructure which enables businesses of any scale to embed financial products. It currently works with more than 500 fintechs, banks and other financial institutions. The round also saw participation from MUFG Innovation Partners. Existing investors Tiger Global and Better Capital also participated in the round. The funding is still not closed with the company looking to raise an additional $4 million as a part of the same round, people aware of the development confirmed to ET. With the round closure, M2P Fintech’s overall valuation will stand at $605 million. It plans to use the funds to fuel its international expansion, launch other peripheral financial products such as rewards and loyalty, as well as acquire new startups, while bolstering its team size.
Over the last year, M2P Fintech has scaled its solution to six international markets including Nepal, UAE, Australia, and New Zealand. The company now plans to establish its product offerings across 20 countries by the end of the year with a focus on Asia and the Middle east. It is also looking to ramp up its team size for 500 members to 750 members by June-this year. M2P’s existing investors also include Beenext, Flourish Ventures, Omidyar Network India, 8i Ventures, and the DMI Group via its investment vehicle Sparkle Fund.