Indian fintech company M2P Fintech has raised $35m in a Series C funding round led by Tiger Global Management.
M2P Fintech’s existing investors that took part in the funding round include BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better and the DMI Finance Private Limited through its investment vehicle Sparkle Fund.
M2P Fintech will use the funding to enhance API infrastructure capabilities, expand its footprint and upgrade its product portfolio.
The latest infusion has given M2P Fintech, which was established in 2015, a valuation of $335m.
M2P Fintech co-founder and CEO Madhusudanan R said: “Our immediate focus is to double down on growth in India and the expansion of our team in Dubai, where we have committed to invest more than AED100m over the next 18-24 months.”
Earlier this year, M2P Fintech raised $10m in a Series B funding round.
Tiger Global Management partner Alex Cook said: “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 of the leading fintech companies have already chosen to work with them.”
Meanwhile, another Indian neo-banking platform Open raised $100m in a Series C round.
The funding round was led by Temasek with participation from investors including Google and SBI Investment.