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M2P Fintech , a software services provider for banks, is in the process of closing a new funding round of around $80 million in a mix of primary and secondary deals. Africa-focused investment firm Helios Investment Partners is leading the round along with participation of Bank Muscat , said two people in the know. According to filings made with the Registrar of Companies, accessed through Tofler, Helios will invest around $50 million in the company, picking up a stake of almost 6.
5%. ETtech Some of the existing investors of M2P are also participating in the round while Beenext, one of the early investors of the Chennai-based startup, is looking to sell part of its stake, one of the people said. Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Basics of Generative AI : Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Web Development A Comprehensive ASP.
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C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program M2P Fintech, Beenext and Bank Muscat did not respond to emails seeking comment.
Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories After the round, M2P Fintech could be valued at between $850 million and $900 million, taking the software provider closer to the unicorn status — startups which are valued above a billion dollars. “M2P is focused on building its business outside India and the Middle East and Africa markets are the geographies where it is looking to strengthen its business, that is where Helios is coming in as an investor and some of the major lenders in the Middle East are also keen to acquire a stake in the company,” said one of the people. M2P Fintech had in January 2022 raised $35 million in a round which was led by Insight Partners, Better Capital and Tiger Global Management.
Post the round, the startup was valued at around $600 million. According to Tracxn, M2P reported a net loss of Rs 134 crore on revenue of Rs 488 crore in fiscal 2023. The startup was founded in 2014 by ex-Visa executive Madhusudanan Rangarajan, Prabhu Rangarajan who worked at Cognizant and former PayPal executive Muthukumar Ayyakkannu.
The startup offers a software stack for core banking , debit card solutions and all forms of credit operations..
