Financial API infrastructure startup, M2P Solutions, which owns API platform YAP, on Wednesday said it had raised Rs 10 crore as a part of its seed funding led by former PayU India CEO Amrish Rau.
The round also saw participation from Founder of Jupiter Money, Jitendra Gupta; Founder of Cred, Kunal Shah; Vikram Chachra of 8i Ventures; Peifu Hsieh of Karbon; and Abhishant Pant, Founder of The FinTech Meetup.
According to the company, it will invest these funds for further developing its technology stack, expanding its team, and growing in newer markets outside India. With a presence in the UAE, the startup aims to expand in South Asian markets, including Philippines, Indonesia, Vietnam, and Thailand, by the end of FY21.
The Chennai-based startup is also looking to grow its 60-member team to 80 people in the coming financial year.
Madhusudanan R, Co-founder, YAP, told YourStory,
“We are at the centre of API-fication of Banking and Payments in India and pride ourselves as the platform of choice for fintechs and businesses. However, with the advent of neo-banking, a lot of work still needs to be done, and we will be investing these funds into our API technology infrastructure stack. This funding round by leading angels is a validation of our model, and we look forward to scale our platform across Asia.”
Founded in 2016, M2P Solutions offers API platform YAP, which provides integrated bank-grade digital payments platform to fintechs encompassing all retail payment assets in India. This includes wallets, cards, transit, QR, NFC, UPI, and tokenisation solutions.
This helps fintechs optimise costs by not having to maintain heavy payment systems, and roll out their solutions faster to market.
Easy-to-use micro-services architecture
Amrish Rau, who joins the company’s board, said one of the most cumbersome parts in any fintech journey was the bank platform integration and development of core payments and card technologies. YAP has already built the bank integrations pipes and provided this in an easy-to-use micro-services architecture, which can be used by any fintech.
With more than 200 fintech engagements, YAP currently claims to be processing over $2 billion and over 50 million transactions in annual payments. It counts the likes of Ola, Cred, Bank Open, NiYO, Redcarpet, and Slice as customers.
The API platform is also backed by banks, including Yes Bank, DCB Bank, Equitas SFB, and SBM Bank, which allows companies to rapidly develop, test, and iterate their own branded debit, credit, and prepaid accounts.
While adding two to three fintech startups as customers every week, YAP plans to partner with 500 fintechs, and process $4 billion in annual payments by March 2021.
(Edited by Teja Lele Desai)