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Interesting funding alert- Fintech startup MetaMap announced a funding of USD 530 crore

The fintech industry is doing really amazing and is growing at an impressive rate. MetaMap Announced Funding 

Let us talk about the fintech industry and the startups and funding related to it. First of all, we should what is fintech actually. Explaining fintech in simple terms, it is finance + technology. It is the integration of technology into financial services offerings. This is done with the motive to improve the performance of the industry and thus help everyone involved in it.

For the companies and business owners, the fintech industry helps in better management of financial operations. From its emergence in the 21st country till now, a shift has been observed as the industry now has its focus on the needs and the demand of the customers and has become a customer-oriented industry. The fintech industry now involves education, retail banking, fundraising, investment management, and many more under its umbrella. 

Talking about the fintech industry from the perspective of India, the country is ready to become the global FinTech Superpower. It is one of the fastest-growing Fintech markets in the world. The country now even has the highest adoption rate of FinTech in the world. There are more than 2100 startups in India that are working in this sector, and the interesting point is that more than 67% of these startups have been set up in the last 5 years.

The value of the Fintech industry in the year 2020 was between USD 50-60 billion and is expected to grow to USD 150 billion by the year 2025. Even the transaction value in the Fintech industry has grown from USD 66 billion in the year 2019 to USD 138 billion in the year 2023, growing at a CAGR of 20%. 

How FinTech Initiatives Are Driving Financial Services Innovation

The Indian Fintech industry has various range of segments like Payments, Lending, Wealth Technology, which is the WealthTech, Personal Finance Management, Insurance Technology, which is InsurTech, Regulation Technology, which is the RegTech, and many others. This sector has witnessed total funding worth USD 27.6 billion. As observed and analyzed in October 2021, the Unified Payment Interface (UPI) of India has seen the participation of 261 banks and has recorded 4.21 billion monthly transactions worth USD 100 billion in October 2021. 

As of December 2021, more than 17 fintech startups of India have been declared “Unicorn startups”, the ones having a value of more than USD 1 billion. Some of the fintech unicorns are CRED, Digit Insurance, Pine Labs, Razorpay, and many others. Talking about the digital payments in India, the country has seen huge growth, with a monthly volume being more than 5.7 billion and worth USD 2 trillion, as of September 2021.

CRED: Cred review: Makes credit card bill payments easier, rewards for  timely transaction - The Economic Times

In the year 2020, India had the highest number of real-time online transactions and was ahead of the US, UK, and China when combined together. The fintech startups have secured funding of around USD 9 billion and the number of fintech startups in the year 2021 have increased at a rate of 200% as compared to the year 2020. 

Announcement of funding of a fintech startup 

The startup, MetaMap, has raised funds worth INR 530 crore, as announced on December 28, 2021. This round of funding was the Series B round of funding and was led by Tribe Capital. The other participants of this round of funding were Craft Ventures, Alameda Research(FTX), and Titan Capital. Even some big and prominent angel investors also participated in this round of funding. 

The startup plans to utilize the funds raised in the product development and to expand within the international borders. The startup is moving forward in its mission to provide help and assistance to the billions of people in unlocking online services and experiencing upward mobility. 

MetaMap: MetaMap raises Rs 530 crores to grow globally - The Economic Times

About the fintech startup that has received funding 

The startup, MetaMap, previously called Mati, is a US-based data marketplace firm, which was founded by Filip Victor. The startup is engaged in offering solutions for a wide range of use cases, including prevention of fraud, identity, and financial qualification, and credential sourcing. These capabilities are important for almost every industry in the global digital economy, ranging from e-commerce and cryptocurrency to gig work. 

The startup is building its flagship technology hub in India. It already has more than 30 employees in offices across Bengaluru and Gurgaon. The startup has the aim to increase its headcount to 5 times in India this year. The startup is now also announcing a number of partnerships with the leading and big names in the Indian fintech industry, marketplace, and crypto exchanges in the year 2022. 

About Tribe Capital 

Tribe Capital is an early-stage venture capital firm that is focused on recognizing and amplifying early-stage product-market fit. It has its headquarters in California, United States, and has employees between 11-50. It was founded in the year 2018 and is a more than USD 1.3 billion AUM venture capital firm. 

Tribe Capital Limited - Crunchbase Investor Profile & Investments

What has been said about the deal?

The founder and the CEO of the startup, MetaMap made a statement saying that the world is moving towards a more fluid, borderless economy, that brings in greater and huge participation from the individuals who have been kept out from the global commerce. He then said that the tools required to make this vision into a reality are still not there and are missing. 

Bipin Shah, who is the Partner at Titan Capital said that they are excited to invest and work with the startup, MetaMap, and support it on its mission to create a borderless economy by bringing the users together on the digital map. He then said that the differentiated approach of the startup to look into hard-to-access databases and enable risk assessment of all types will differentiate the way businesses work and operate around the globe and in the end, unlock human potential. 

Investment Analyst Internship at Titan Capital || 2021 2022 2023 2024 –  Company Insider

We need to wait and see what the future has in for the startup. We wish the startup a bit of good luck and a bright and successful future ahead.

 

Article Proof Read and Published by Gauri Malhotra.

Gauri

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