(Ecofin Agency) - The Indian fintech, focused on developing APIs and Banking-as-a-Service solutions, aims to drive financial inclusion and foster innovation across the continent.

Helios Investment Partners, a UK-based private equity firm focused on Africa, has invested $102 million in M2P Fintech to support its expansion strategy on the continent. The information was revealed in a statement issued Tuesday by the India-based startup.

The funds will help strengthen M2P’s leadership in the Indian market and expand its international operations, particularly in Africa. M2P Fintech specializes in developing Application Programming Interfaces (APIs) and Banking-as-a-Service (BaaS) solutions. Their B2B services enable startups and businesses to offer payment services without needing a banking license.

Africa’s BaaS and API infrastructure market is still underdeveloped, with few providers capable of delivering solutions to large financial institutions and fintech companies. Elias Yazbeck, Managing Director of Financial Services and Fintech at Helios Investment Partners, said M2P is perfectly positioned not only to grow rapidly in Africa but also to drive financial inclusion and foster innovation in digital infrastructure across the continent.

Madhusudanan R. Madhu, co-founder and CEO of M2P Fintech, added, "Africa, with its rapidly growing digital economy and pressing need for financial inclusion, presents immense potential for FinTech innovation. We’re thrilled to partner with Helios, whose deep understanding of the African market, coupled with our powerful platform capabilities, will position us well to deliver on our mission of fostering financial inclusion and innovation”.