Application programming interface (API) infrastructure platform M2P Fintech has reached the final stage to raise USD 80 million at a USD 900 million valuation. Specifically, M2P Fintech, formerly known as Yap, is nearing the completion of a new funding round involving both new and existing investors, according to entrackr.com.

The India-based company, which last raised funds two and a half years ago, previously secured USD 56 million in a round led by Insight Partners, achieving a post-money valuation of USD 650 million. One source indicated that M2P Fintech is set to raise USD 80 million in this new funding round, led by a new investor. Existing backers, including Insight Partners, are expected to participate as well.

The new funding is anticipated to be allocated towards enhancing the company's technology infrastructure and driving growth in both domestic and international markets. What does M2P Fintech do? M2P Fintech’s API platform allows businesses to provide branded financial services through partnerships with fintech firms while maintaining regulatory compliance. In addition to its operations in India, the company is active in Nepal, UAE, Australia, New Zealand, the Philippines, Bahrain, Egypt, and several other countries.

Another source revealed that M2P Fintech’s valuation in this funding round is projected to be between USD 880 million and USD 900 million (post-money). The company has reportedly received a term sheet, and the deal is expected to be publicly announced soon. The company, backed by Tiger Global, has acquired six firms to date, including Goals101, Syntizen, and BSG ITSOFT, to enhance its service offerings.

According to TheKredible, Beenext is the largest shareholder in the company with over 13% ownership, while the co-founders collectively hold 34% of the company. Although M2P Fintech has not yet released its FY24 financials, it reported a significant increase in operating revenue. However, this growth was also accompanied by a substantial rise in losses.

.