M2P Fintech in talks with Insight Partners for fundraising round worth $600 million
According to sources, M2P Fintech, that provides digital banking infrastructure to fintech and internet companies, is in talks with top-tier venture capital firm Insight Partners for its new fundraising round worth more than $600 million. Currently the company's valuation is at $335 million.
M2P Fintech announced a funding round led by Tiger Global, a New York-based investment firm, last week, signalling the frenetic dealmaking among Indian startups, particularly in sectors like fintech, where companies are racking up back-to-back financing that has doubled or tripled their valuations within months. According to sources, the Chennai-based firm's annualised revenue is currently over $20 million.
The M2P Fintech funding negotiations are a reflection of the broader investment activity in India's startup ecosystem, which has helped 31 new unicorns be born this year. Unicorns are privately held businesses with a market capitalization of $1 billion or more.
Another fintech firm, which just raised a considerable amount of money from new investors, has began preliminary conversations for a fresh round of funding, according to its founder. “There is still a lot of interest in fintech, and I couldn’t accommodate many investors in the last round. Now, they are willing to join the next round at a higher valuation,” the founder, who did not wish to be named, said.
M2P, founded in 2014 by Madhusudanan R, Muthukumar R, and Prabhu Rangarajan, was nominated in the Top Innovator category at the Economic Times Startup Awards 2019. Existing investors include Beenext Pte, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital, and the DMI Group's Sparkle Fund. M2P Fintech announced last week that the platform has processed over $10 billion in annualised payments with over 500 fintech partners.
On the back of new funding, the firm is hoping to grow beyond Asia. It has operations in Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, and Egypt, in addition to India.
M2P was hoping to grow to markets like Indonesia, Bangladesh, Vietnam, and the Middle East and North Africa (MENA) area.
M2P Fintech announced a funding round led by Tiger Global, a New York-based investment firm, last week, signalling the frenetic dealmaking among Indian startups, particularly in sectors like fintech, where companies are racking up back-to-back financing that has doubled or tripled their valuations within months. According to sources, the Chennai-based firm's annualised revenue is currently over $20 million.
The M2P Fintech funding negotiations are a reflection of the broader investment activity in India's startup ecosystem, which has helped 31 new unicorns be born this year. Unicorns are privately held businesses with a market capitalization of $1 billion or more.
Another fintech firm, which just raised a considerable amount of money from new investors, has began preliminary conversations for a fresh round of funding, according to its founder. “There is still a lot of interest in fintech, and I couldn’t accommodate many investors in the last round. Now, they are willing to join the next round at a higher valuation,” the founder, who did not wish to be named, said.
M2P, founded in 2014 by Madhusudanan R, Muthukumar R, and Prabhu Rangarajan, was nominated in the Top Innovator category at the Economic Times Startup Awards 2019. Existing investors include Beenext Pte, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital, and the DMI Group's Sparkle Fund. M2P Fintech announced last week that the platform has processed over $10 billion in annualised payments with over 500 fintech partners.
On the back of new funding, the firm is hoping to grow beyond Asia. It has operations in Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, and Egypt, in addition to India.
M2P was hoping to grow to markets like Indonesia, Bangladesh, Vietnam, and the Middle East and North Africa (MENA) area.
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