MetaMap (formerly Mati), startup help companies transition to a borderless economy, has announced that it has raised INR 530 crores in Series B funding led by Tribe Capital, with participation from Craft Ventures, Alameda Research (FTX), Titan Capital, and prominent angel investors including Jerry Murdock, founder of Insight Partners. The new capital brings the company’s total funding to date to 630 crores, and will be used to invest in product development and furthering its international expansion as it furthers its mission to help billions of people unlock online services and experience upward mobility.
MetaMap is building their flagship tech hub in India, with over 30 employees already across offices in Bangalore and Gurgaon, and a plan to 5x headcount in India this year. The company is also announcing a number of partnerships with leading Indian fintechs, marketplaces and crypto exchanges in 2022.
The Covid-19 pandemic has accelerated the digital transformation of global business, moving the world closer towards a borderless economy. In emerging markets, as many essential services were brought online, nearly a billion new internet users followed in search of access to goods and services in just 18 months. The increased demand for digital has created a prime opportunity for entrepreneurs building apps and services in emerging economies to serve billions of new internet users. However, many people are still “digitally invisible” and as a result, remain locked out of the digital economy, further exacerbating the digital divide.
“The world continues to gravitate towards a more fluid, borderless economy that fosters greater participation from individuals who have typically been excluded from global commerce. However, the tools needed to make this vision a reality are still missing. For entrepreneurs building apps and regulated services, this presents a substantial challenge: how do you qualify billions of potential customers who can’t evidence their own qualifications,” said Filip Victor, Founder and CEO, MetaMap.
Bipin Shah, Partner, Titan Capital, commented, “We are excited to invest and support MetaMap’s mission of creating a borderless economy by bringing users together on the digital map. The team’s differentiated approach of orchestrating disparate and hard-to-access databases to enable risk assessment of all types will alter the way businesses operate globally and ultimately, unlock human potential.”