“Can one API-first core become the embedded finance operating system for banks and fintechs across emerging markets?”
Founded in 2014 as YAP, M2P evolved into India's leading embedded finance infrastructure provider, offering a unified API-first platform spanning banking, lending, cards, and payments. The company expanded through acquisitions including Finflux (loan management) and has pushed into international markets while repositioning as 'AI-native' infrastructure for financial institutions across Asia, MENA, and Africa.
M2P discloses M2P Core Banking (in-house) as its banking provider, according to the Embedded Finance Index 2026.
M2P does not disclose a bank charter of its own; its banking services are provided through M2P Core Banking (in-house).
M2P processes payments through M2P Payments (self-operated). Disclosed money-movement rails: UPI.
M2P's cards are issued through M2P Card Issuance (in-house).
M2P's lending and capital products are provided by Finflux by M2P (in-house) and M2P Credit Line on UPI (in-house).
The Embedded Finance Index 2026 maps 6 layers in M2P's stack: Payments / PSP (M2P Payments (self-operated)); Money movement (UPI); Banking / BaaS (M2P Core Banking (in-house)); Card issuing (M2P Card Issuance (in-house)); Lending (Finflux by M2P (in-house), M2P Credit Line on UPI (in-house), Finflux LOS (Loan Origination System), Finflux LMS (Loan Management System) and 5 others); Spend / AP (M2P Corporate Credit Card Platform (in-house)).
M2P is founded in 2014 and headquartered in Chennai, India.
M2P has raised $107M+ (as of 2022); later Series D $101M in total (latest round: Series D, $101M; valuation: ~$605M (Jan 2022 Series C)).
M2P's acquisitions include Finflux (2022).
Get a read on where your own stack stands against M2P and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.