To support its expansion strategy on the continent, Helios Investment Partners, a UK-based private equity firm with an emphasis on Africa, has invested $102 million in M2P Fintech. The India-based business disclosed the details in a statement on Tuesday.
The money will be used to grow M2P’s global operations, especially in Africa, and to solidify its position as the industry leader in India. M2P Fintech is an expert in creating Banking-as-a-Service (BaaS) and Application Programming Interfaces (APIs). With the help of their B2B services, startups and established companies can provide payment services without requiring a banking licence.
Africa’s BaaS and API infrastructure industry is relatively immature, with few suppliers capable of supplying solutions to large financial institutions and fintech startups.
According to Elias Yazbeck, Managing Director of Helios Investment Partners’ Financial Services and Fintech division, M2P is ideally positioned to expand quickly throughout Africa while simultaneously promoting financial inclusion and encouraging innovation in the region’s digital infrastructure.
“Africa, with its rapidly growing digital economy and pressing need for financial inclusion, presents immense potential for FinTech innovation,” said Madhusudanan R. Madhu, co-founder and CEO of M2P Fintech. We are excited to work with Helios because of their in-depth knowledge of the African market and our strong platform capabilities, which will help us fulfil our goal of promoting innovation and financial inclusion.
