Bengaluru-based banking infrastructure startup M2P Fintech’s operating revenue dropped by 13.4 per cent to Rs 382 crore in FY24. The Tiger Global-backed company generates revenue through API usage fees, card issuance and management fees, platform subscriptions, banking partnerships, and cross-border forex services. The company witnessed a significant decline of 76.2 per cent in its export income from Rs 19.3 crore inFY23 to Rs 4.6 crore in fiscal year (FY24) The company continued to spend Rs 1.38 for every rupee earned, reflecting ongoing financial challenges. The B2B fintech has raised over $200 million in funding so far, including $100 million in a Series D round led by Helios Investment Partners last year. Its key investors include Beenext, Tiger Global, and Helios Partners. Its ROCE (Return on Capital Employed) was (-) 28.23 per cent, while its EBITDA margin stood at (-) 22.51 per cent.
