API - Application programming connection interface platform, M2P Fintech(previously Yap) is in the last stage to raise $80 million in another round from new and existing financial backers, three sources aware of this subject told Entrackr.

After two and a half years, the Chennai-startup company will launch a new round. It brought $56 million up in a value round directed by Insight partners at a valuation of $650 million (post-cash).

“M2P is shutting an $80 million new round of funding directed by another financial backer. Existing financial backers including Insight partners are probably going to join the round,” expressed one of the sources.

According to sources, the raised funding will be used, among other things, to improve technology infrastructure and accelerate growth in India and overseas markets. For those who are unfamiliar, M2P Fintech’s API enables businesses to partner with fintech companies to provide their own branded financial services while maintaining regulatory compliance.

Aside from India, it works in Nepal, UAE, Australia, New Zealand, the Philippines, Bahrain and Egypt among a few different nations.

“M2P will be esteemed at around $880 to $900 million (post-cash) in the new round,” said another source.

The deal is expected to be made public soon, and the company has already received the term sheet. Goals101, Syntizen, and BSG ITSOFT are among the six businesses that the Tiger Global-backed company has acquired to date in order to enhance its offerings.

M2P has raised Rs.864 crore to date, according to the startup data intelligence platform TheKredible. With over 13% ownership, Beenext holds the company’s largest stake. Its prime supporters Madhusudhan R, Muthukumar A and Prabhu R by and large own 34% of the firm. M2P is yet to uncover its FY24 numbers yet its working income flooded 2.26X to Rs.440.7 crore in FY23 from Rs.194.74 crore in FY22.