M2P Fintech
M2P Fintech, established in 2014, serves as a vital tech layer between banks, fintechs, and financial institutions, transforming the fintech landscape in India and beyond. Founded by Madhu, Muthu, and Prabhu, M2P has grown from offering Payment as a Service (PaaS) to providing diverse financial solutions, including digital payments, UPI, and credit-based products. With strategic partnerships and multiple funding rounds, M2P has expanded globally, acquiring several companies to enhance its tech stack and services, ensuring continuous innovation and customer satisfaction in the fintech industry.
Milestones in Fintech: The M2P Journey from 2014 to 2023
M2P embeds fintech in core business offerings, acting as a reliable tech layer between banks, fintechs, and financial institutions. On this journey, we have faced struggles, triumphs, breakthroughs, and everything in between.
2014
Start-Up Chai: Everything good brews over tea, so did we. Madhu & Muthu set out to revolutionize the fintech ecosystem that had just reached India's shores.
The Trio is Complete: Prabhu joined the group, and M2P was founded.
M2P Solutions Registered: M2P Solutions Pvt. Ltd. became official on November 14, 2014.
2015
The Bootstrap Journey Begins: M2P started as Payment as a Service (PaaS) to leverage the network effect and build a future for mobile payments.
Partnered with DCB Bank: First prepaid card BIN sponsorship program with DCB bank.
Launched Digital Payments Product for Cashless Gold Loan Disbursement: Partnered with leading NBFCs like Muthoot and India Infoline (IIFL) to launch a digital payments model for cashless gold loan disbursement.
Launched Small-ticket Loans Disbursement using Digital Payments: Became the platform of choice for many leading NBFCs like Madura Micro Finance, Belstar, SKS Microfinance (now Bharat Financial Inclusion), Utkarsh Micro Finance, and others in the country.
Launched Prepaid Card Programs: Prepaid card programs went live with Visa, Mastercard, and RuPay, powering white label wallets for our partner banks.
2016-17
Built our Exhaustive, In-house Tech Capabilities: Focused on strengthening our in-house tech stack.
2017-18
Diversified our Product Offerings: Added more capabilities to our product stack, including Unified Payments Interface (UPI), National Electronic Toll Collection (NETC), Near Field Communication (NFC), Host Card Emulation (HCE), and Bharat QR.
2018-19
Launched White Label Travel Card: Introduced multi-currency wallets with 24 popular currencies to ease international travel needs.
2019-20
Ventured into Credit-Based Solutions: Launched a customized credit card stack for consumer, corporate & SME, and a remittance product, expanding our presence globally in GCC, SEA, South Asia, and the Australasia region.
2020
Seed Fund: Raised $1.337 million from Amrish Rau, Kunal Shah, and other angel investors.
COVID-19 Pandemic: The COVID outbreak saw many economies experience a surge in cashless payments.
Series A Fundraise: Raised $4.50 million from Beenext along with 8i Ventures Fund, DMI Group, Better Capital, and angel investors including Alok Mittal, Ashneer Grover, Amrish Rau, and Jitendra Gupta.
Partnered with SBM Bank, India: Started powering all products for SBM Bank, including neobanking and credit cards, and became the bank's switching partner for remittance and cross-border payments products with Mastercard.
Built Complete Neobanking Stack: Partnered with India's first neobank as the technology partner.
Launched in MENA: Established regional HQ in Abu Dhabi and doubled our workforce during the pandemic.
2021
Series B Fundraise: Raised $10 million, continuing expansion to new geographies.
Built Buy Now Pay Later Solution: Launched Buy Now Pay Later for online shoppers with Pay Later Plus and its merchant plugins.
VISA-Ready Certified in MENA: Received visa-ready certification and expanded services in the MENA region.
Acquired Credit Card Focused Fintech, Wizi: Enhanced hyper-personalized credit card offerings.
Acquired Origa.ai: Improved collections management operations with next-gen technology.
2021 (October)
Series C Funding: Secured $35 million in Series C funding, led by Tiger Global Management.
2022
Series C1 Funding: Raised $56 million from Insight Partners & MUFG Innovation Partners.
Acquired Core Banking Platform Company, BSG ITSOFT: Enhanced capabilities for rolling out a full digital bank.
Acquired Regtech & Digital Identity Provider, Syntizen: Integrated future-ready KYC onboarding services.
Acquired Cloud Lending Platform, Finflux: Enhanced digital lending capabilities.
2023
Acquired Transaction Behavioral Intelligence Pioneer, Goals101: Expanded capabilities to offer hyper-personalized solutions leveraging big data platforms.
Our journey is a testament to our commitment to innovation and excellence in the fintech industry. We continue to expand our horizons, ensuring that we remain at the forefront of technological advancements and customer satisfaction in the financial sector.
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