M2P Fintech, an API infrastructure company, said it has raised $35 million in its Series C funding round led by Tiger Global Management.
Existing investors, BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group, via its investment vehicle Sparkle Fund also participated in the round.
The Chennai-based startup said in a statement it will use the funding to boost its API infrastructure capabilities and expand its footprint beyond Asia.
Though the startups didn’t share their valuation in the current funding round, however, according to Entrackr, the company is likely to be valued at around $250-300 million in this round.
Madhusudanan R., Co-founder and CEO at M2P Fintech, said the startup’s immediate focus is to double down on growth in India and the team expansion in Dubai, where it has committed to invest more than AED 100 million over the next 18-24 months.
Alex Cook, Partner, Tiger Global Management, said that the Indian financial services ecosystem is undergoing an exciting shift to digital across banking, credit, payments, and investing.
“The M2P platform is enabling this shift, and many fintech companies have already chosen to work with them,” he added.
Last month, M2P fintech acquired Wizi, a Credit card focussed fintech to better serve banks and businesses with new-age onboarding and digital originations. The deal was a mix of cash and stock, and valued Wizi at around $5 million.