M2P Fintech, a Banking and Payments API infrastructure provider announced a USD 4 million investment in LivQuik Technology, LivQuik founded in 2012 is a Reserve Bank of India approved Prepaid Payment Instrument Issuer.
The Indian prepaid cards market is expected to grow by over 35% CAGR from 2021 to 2026, the strategic investment allows M2P to build on its ability to serve FinTech to go-to market faster with new and innovative products.
On the investment, Madhusudanan R, Co-Founder – M2P Fintech said:
” At M2P, we are constantly looking for novel ways to enhance our services, while Banks serve the requirements of large enterprises, consumer internet companies and established use cases, we realised that early stage fintech are not served adequately, partly due to high governance costs for banks to back companies in their infancy coupled with uncertainty around business model or scalability. We believe LivQuik can serve this segment meaningfully and the partnership with Livquik will help realise our vision to enable every company to become a fintech.”
LivQuik’s CEO, Mohit Lalvani added:
“There couldn’t have been a better time than now for us to join hands with M2P Fintech and it’s technological capabilities. The pandemic has accelerated the consumers to shift towards digital payments. This investment and partnership with M2P Fintech is a recognition for the innovative work we’ve done in the fintech space; we’re confident that it will enable us to expand our products and solutions significantly.”