Fintech Startup Adds Visa to Its Cap Table
Bangalore-based M2P, a fintech startup, invested 2.7 million dollars in a C-1 round from a US-based firm. M2P has recently added Visa, the financial service provider, to its cap table. The startup segregated 6,315 CCPS in the C-1 series to the Visa International Service Association. It also segregated 842 CCPS in the C-1 series to DMI Alternative Investment Fund. Apart from these, it received around one million dollars from the Utsav Somani Investments. As per filings, it raised nearly four million dollars in total.
M2P raised 56 million dollars in C-1 series for a valuation of 600 million dollars. It also raised 35 million dollars in the C series in October 2021. Different companies led both rounds, and recently, M2P refrained partially from 8i Ventures at the rate of 36X returns on investment.
M2P was founded by Madhusudanan R, Prabhu R, and Muthukumar A, a former Visa employee. It is an API platform that facilitates embedding custom APIs and businesses in building sectors. Having a presence in Egypt, Nepal, India, Bahrain, the UAE, New Zealand, the Philippines, and Australia, it provides neo-banking features to users. M2P has CRED, Slice, Razorpay, and Ola as its clients. It acquired nearly five startup firms in 2022: Finflux, Origa, BSG ITSOFT, Wizi, and Syntizen.
The Indian fintech market is growing at a fast pace, and as per the Inc42 reports, it is anticipated to reach 1.3 trillion dollars by 2025. Visa backed a few fintech solution providers bound to IPO, like BillDesk, Paymate, and neo-banking startups some years back. In 2022, Visa started exploring partnerships with startups to get into card-based solutions for B2B payments. They wanted a long-term bond across B2B suppliers and corporate firms.
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