India-based API infrastructure company M2P FinTech has generated $35 million in Series C investments, pushing its valuation to $335 million, according to a Tuesday (Oct. 12) report from The Hindu.
Tiger Global Management led the funding round, which received participation from current investors, BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group, via its investment vehicle Sparkle Fund, according to the report.
The startup, which began in November 2014, plans to use the latest round of funding to bolster its API infrastructure capabilities and broaden its reach beyond its current market of India, Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain and Egypt, according to the report. Forthcoming expansions are eyed for Indonesia, Bangladesh and Vietnam, as well as the Middle East and North Africa.
The company’s API offerings have been in high demand since the company launched with a goal to “revolutionize the FinTech ecosystem,” according to M2P’s website. In 2019, Visa announced a collaboration with M2P to help FinTechs issue plastic and digital payments as part of the Visa FinTech Fast Track program, as PYMNTS reported. As part of that effort, M2P collaborates with Visa to enable faster go-to-market for FinTechs interested in launching new payment solutions. Via the program, FinTechs can connect with a single processor to easily introduce new payments products across a dozen markets in the Asia-Pacific.
Since M2P launched, its API-powered products have been used by more than 200 tech companies, including Swiggy, Bharat pe and Razorpay, among others.
Swiggy, the online food ordering company, is in talks to raise $800 million, as PYMNTS reported in September. The fundraise comes on the heels of a $1.25 billion round that valued the company at $5.6 billion. By year’s end, the company is expected to be worth $10 billion.