KYC for Microfinance: Biometric eKYC in Low-Connectivity, Field-Led Onboarding

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/05/Artboard-1-copy-1.webp" alt="M2P Fintech" title="" width="100%" height="1790">Never underestimate what good chai can do to your life!One such stimulating chai conversation ignited the origin of M2P, the brainchild of Madhu, Muthu, and Prabhu.<h2 class="heading-node" id="b82a" style="text-align: justify">Genesis of M2P</h2>The candid chat on the disruptive potential of fintech led our founder trio to envision an inclusive world where every business, bank, and NBFC gets equal access to technology-enabled financial services, irrespective of their size, scale, or locale. Giving entrepreneurial wings to their fintech dream, they founded M2P in 2014.Today M2P specializes in building financial ecosystems that accelerate digital payments, banking, and lending worldwide. With an active presence in the Asia Pacific (APAC), the Middle East, North Africa (MENA), Southeast Asia, and Europe, M2P strives to future-proof fintech transformation while boosting business agility and customer lifetime value.<h2 class="heading-node" id="39f0" style="text-align: justify">Founding Trio</h2><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-8-2.webp" alt="M2P Fintech" title="" width="100%" height="529">Madhu, Muthu, and Prabhu possess over a decade of rich experience leading financial and technology innovations in leading global firms. Madhu, a knowledge powerhouse and a passionate chef steered the prepaid and financial inclusion product division for VISA, Citi, and Thomas Cook. Muthu, an avid sportsman, and technologist managed technology delivery for Paypal, Movida, Fujitsu, and Satyam before cofounding M2P. And Prabhu, a deep space tech enthusiast, drove key technology projects at Cognizant, Verizon Data Services, and iGate.<h2 class="heading-node" id="778b" style="text-align: justify">Uphill Climb - YAP</h2>M2P’s initial journeys were fraught with struggles and fallouts. Even though our domain expertise, innovation potential, and technology proficiency were among the best, gaining opportunities by breaking conventions was a major challenge to growth.Pooling in personal savings and resources, the founding team quietly began their bootstrapped journey. They built YAP, the API platform that allowed businesses to quickly create and deploy fintech products by customizing all relevant workflows through plug-and-play solutions.YAP simplified the ability of banks and PPI licensed entities to support back-end products by facilitating technology integration, settlement and operational support. Within a short timeframe, M2P powered neo banking, cross-border payments, card issuance, program management, new-age lending, and investments for several clients.Our robust, secure, and customizable fintech APIs enabled banks, fintech firms, and businesses to go to market at incredible speed with excellent efficacy. M2P’s tech stack has passed numerous regulatory audits and is backed by industry-leading certifications such as PCI DSS ver 3.2.1, ISO 27001:2013, and ISO 22301:2012. We also completed RBI PPI Information Security Audit Compliance as per the RBI Master Direction DPSS.CO.PD. №1164/02.14.006/2017–18 and implemented the “Data Localization” protocol as per Reserve Bank of India (RBI) guidelines.<h2 class="heading-node" id="f2ad" style="text-align: justify">Quantum Leap</h2>The first breakthrough for M2P happened when we launched our first Visa-powered card program in partnership with DCB Bank. Later, we created several marketing programs with Rupay, MasterCard, Visa, Amex, Mercury, and China Union Pay. We also became Visa’s Fintech Fast Track partner across the APAC region and preferred partner for MasterCard globally.By fostering diverse partnerships with 23+ banks, issuers, acquirers, prepaid issuers, emoney license holders, and industry partners across Travel and Forex, Fleet and FasTag, Digital Lenders, Neo-Banking, NBFCs, Gig-Economy players, and traditional bank programs, M2P processed more than $10 billion transactions in 2021. More than 500 engagements and 100 Fintech programs went live in a matter of few years.And our team strength too grew tremendously from 60 in the formative years to over 300 in 2020, and is expected to reach 700 (by March 2022).<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-11-1.webp" alt="M2P Fintech" title="" id="0gemdejro" width="100%" height="529"><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-10-2.webp" alt="M2P Fintech" title="" id="534weeytw" width="100%" height="529"><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-9-2.webp" alt="M2P Fintech" title="" id="mkg9f1kdm" width="100%" height="529"><h2 class="heading-node" id="4ed5" style="text-align: justify">Cashless Surge</h2>Post-February 2020, the pandemic triggered a surge in cashless payments. As a result, banks, NBFCs, and businesses needed fintech services and APIs to sustain omnichannel commerce, as economies began encouraging digital touchless payments. This was an excellent opportunity for us to realize our dream of delivering financial inclusion among banks, NBFCs, and other businesses.And, there was no turning back from there. Projects started flooding in, and we needed more capacity strength and funding to bolster the surge.<h2 class="heading-node" id="beae" style="text-align: justify">Funding and Acquisitions</h2>In the beginning, the founding team chose not to be distracted with funding activities. Instead, their strategy was to chisel and scale up the API platform first and then seek funding for overseas expansion. As the India business was and has always been self-sufficient, no external capital infusion was required at that point in time.In early 2020, angel investors such as Amrish Rau, Pine Labs CEO, Jitendra Gupta, Jupiter Money founder, Kunal Shah, CRED founder, Vikram Chachra of 8i Ventures, Peifu Hsieh of Karbon and Abhishant Pant, Founder of The FinTech Meetup pitched in to raise Rs 10 Cr for the team. We used this funding to develop newer technology stacks, boost team strength, and grow in newer markets outside India.In July 2020, series A funding happened, and we raised $4.50 million through venture capital firms Beenext, 8i Ventures Fund, DMI Group, and Better Capital. Angel investors such as Alok Mittal, Indifi Technologies founder, Ashneer Grover, BharatPe founder, Amrish Rau, Pine Labs CEO, and Jitendra Gupta, Jupiter founder, also participated in the Series A funding.In the meantime, M2P grew rapidly and became the fintech enablement partner of choice for SBM Bank. Our partnership grew from strength to strength covering all facets of Retail banking. This model is now being emulated by other large private banks in India.We also acquired companies such as Wizi and Origa, and made strategic investments in firms like LivQuik to strengthen our cards, credit, and payments ecosystem and improve go-to-market speed.In less than a year, we raised another $10 million in Series B funding from Flourish Ventures and Omidyar Network India, Beenext, 8i Ventures, and Better Capital. Now, we have raised another $35 million through Series C funding led by Tiger Global.<h2 class="heading-node" id="a1ac" style="text-align: justify">Future of Fintech, here and now</h2>From the chai conversation in 2014 to funding rounds, global expansions, innovations, partnerships, and acquisitions in 2021, M2P has come a long way.But this is not time to rest on our laurels.We believe that the future of fintech is here and now.And, we are geared up with futuristic fintech products that are data-driven with AI-ML engines, disruptive R&amp;D, and innovative propositions.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

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