Results · Financial Services

M2P Fintech revenue rises 33% but net loss widens 91%

By Startup Enthusiast · 17 March 2026

What they do

M2P Fintech provides API infrastructure for businesses to launch branded financial services

Its FY25 revenue grew 33% to Rs 506 Cr, but net loss widened 91% to Rs 256 Cr

The company spent Rs 1.55 to earn every rupee, and its EBITDA margin was -44%

M2P Fintech reported FY25 revenue from operations of Rs 506 Cr, up 33% from Rs 382 Cr in FY24.
Total income including miscellaneous income was Rs 531 Cr in FY25.
Total expenses rose 49% to Rs 786 Cr, driven by technology/cloud/co-branding costs that doubled to Rs 325 Cr.
Employee benefits expense was Rs 311 Cr, including Rs 40 Cr non-cash ESOP cost.
Net loss widened 91% to Rs 256 Cr in FY25.
The company spent Rs 1.55 to earn every rupee in FY24, and its EBITDA margin was -44%.
Export services revenue was only Rs 5.7 Cr despite operating in 30+ markets.

The results show negative unit economics and widening losses, raising concerns about profitability.
Export revenue remains negligible despite a global footprint, indicating limited international traction.
The article notes potential difficulty raising a fresh round at a reasonable valuation due to fintech disintermediation.

M2P Fintech provides API infrastructure for businesses to launch branded financial services via fintech partnerships.
It operates in 30+ markets across Asia Pacific, MENA, and Oceania.
The company claims to support 200+ banks and 300+ lenders.
It has 800+ fintech engagements, serving 50+ million end customers and processing 20+ billion transactions.
Revenue streams include API usage fees, card issuance/management fees, platform subscription, commissions, lending solutions, and cross-border forex services.
Product modules include Core Banking Stack, Payments with Decision Intelligence, Card Issuance & Management Suite, Core Lending Suite, Customer Onboarding & KYC, and Intelligent Ops & Experience Layer.
The website describes AI-native infrastructure for banking, lending, and payments with AI agents for fraud detection, customer service, compliance, and more.

Helios Investment Partners (lead) — Led the Series D round in September 2024.
Tiger Global (existing) — An existing investor in the company.