M2P Fintech bets big on lending: one core lending stack instead of four or five LMS

An API infrastructure company founded in 2014 that lets businesses embed financial services, working with 85 NBFCs and the top 10 Indian banks.

$56M in January 2022 led by Insight Partners at a $600M valuation, with MUFG Innovation Partners, Tiger Global and Better Capital; $35M from Tiger Global in October 2021.

Founded in 2014 by Madhusudanan R, Muthukumar R and Prabhu Rangarajan, M2P built API infrastructure that lets businesses embed financial services, becoming the plumbing behind card issuance and BNPL for Indian banks and fintechs.

Beginning early in 2022 M2P went on an acquisition spree, then in September 2022 launched a core lending stack consolidating all existing lending offerings and giving lenders a singular interface. Cofounder and CEO Madhusudanan R expected 25% of overall revenue from lending infrastructure within 24–36 months, with banking and payments at 65%, and argued integration saves lenders from juggling the four or five loan management systems big banks accumulate. The launch landed just as the RBI released operating guidelines to regulate digital lending.

Fragmentation was the wedge: banks carried four or five loan management systems because no single system could keep up with new lending products.

The RBI's August 2022 operating guidelines push both traditional NBFCs and new-age fintechs to make digital lending core, enlarging M2P's addressable market.

Acquisitions — Syntizen, Finflux, Origa.ai — let M2P assemble the stack faster than building each capability in-house.

Horizontal API platforms go vertical when regulation moves: the moment compliance forces every lender to take digital lending seriously, an integrated stack beats point solutions.

As of September 14, 2022, M2P planned to roll the upgraded stack out to its base of 85 NBFCs and the top 10 Indian banks, and expected lending infrastructure to contribute 25% of overall revenue over the next 24–36 months, alongside banking and payment services at 65%.