The FinTech MetaMap has raised $70 million in Series B funding as it plans to expand its operations in India.
The company, a digital trust and reputation management platform, announced the funding Tuesday (Dec. 28), saying it brings its total capital raised to a little over $84 million.
The funding round was led by Tribe Capital, with participation from Craft Ventures, Alameda Research and Titan Capital, as well as angel investors including Jerry Murdock of Insight Partners.
MetaMap, formerly known as Mati, says it plans to put its flagship tech hub in India, boosting its staffing in that country from 30 to 150. The company also plans to add Indian FinTechs, crypto exchanges and marketplaces to its client base in 2022.
“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,” MetaMap Co-founder and CEO Filip Victor said in a statement. “However, the tools needed to make this vision a reality are still missing.”
Victor added: “By connecting fragmented databases that contain dozens of trust and reputation footprints and building easy-to-use API integrations that service providers businesses, and soon consumers, can tap into, we hope to shine a digital light on the areas of the human map that were previously inaccessible.”
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Founded in 2017 by Victor and Amaury Soviche, MetaMap offers services that include fraud prevention, identity verification and credential sourcing for companies in the eCommerce, cryptocurrency and gig work fields. It has a client base of 370 companies, including Binance, Mercado Bitcoin and Allianz.
First formed in California as Mati, MetaMap focused on Latin America, saying last year it would expand into Brazil and Colombia.
“These countries have the highest payment fraud rates in the world, which makes their identity issues the most interesting,” Victor said at the time.
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