M2P Fintech brings in CFO Vivek Seshadri as IPO groundwork begins

Subscribe to enjoy similar stories.Chennai-based M2P Fintech has appointed former Hitachi Payment Services finance executive Vivek Seshadri as group CFO, as it begins laying the groundwork for a potential IPO over the next few years, co-founder and CEO Madhusudanan R told Mint.The move marks a formal step toward institutionalizing the fintech’s finance function as it scales globally and prepares for eventual public markets scrutiny. While the company says a listing is still “at least a couple of years away”, the hire signals that IPO preparation has begun internally.“We are at least a couple of years away,” said Madhu.

“But inevitably that will be the path that we will take…”Seshadri, who has more than 15 years of experience across strategic finance, capital markets, M&A and investor relations, will lead M2P’s global finance organisation and take charge of finance, investor relations, capital strategy and M&A.India’s fintech industry is projected to grow nearly 10x in revenue to $180-200 billion by 2030 from $20 billion in 2023, with fintech’s share of the broader BFSI market expected to rise to 20% from 5%, according to EY’s January 2025 report.While SaaS remains a relatively small slice of the fintech revenue pool, its share is expected to double to 2% by 2030, implying a market size of roughly $3.6-4 billion, while other segments like Payments and Neobanking shrink in size.M2P operates in an increasingly competitive banking-as-a-service and fintech infrastructure landscape. It competes with firms such as Setu (which was acquired by Pine Labs, now a listed entity), Stripe, OneStack, TransBnk and Zeta, among other startups.The appointment comes as the company accelerates its international expansion across West Asia,