M2P Solutions Pvt Ltd, which operated payments, focussed applications programming interface (API) startup YAP has secured $4.5 million barely two months after its angel funding round.
The Series A funding round has been led by the Singapore based Beenext. Others that took part in the round include the Vikram Chachra led 8i Ventures Fund, the DMI Group, with its investment vehicle Sparkle Fund and Better Capital.
Some of the angel investors include the Jitendra Gupta, Abhishant Pant, Amrish Rau, Alok Mittal also participated in the funding round.
The Chennai based company will use the funds to strengthen its team, build its technological infrastructure and API product and service portfolio.
Dirk Van Quaquebeke, a Managing Partner at BEENEXT, said,
“I have been actively looking for a “fintech anywhere” platform company in India for the past 12 months, and I was very pleased when I met Madhu, Muthu and Prabhu and heard about their very unique founding journey. We agreed very quickly to partner.”
Vikram Chachra, Founding Partner at 8i Ventures, said,
“I discovered Yap when our fintech portfolio companies began using their payment infrastructure APIs to launch their card offerings. We backed Madhu and his team in their seed round and are delighted to invest in them again now.”