The new capital brings the company's total funding to date to Rs 630 crore 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.
"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," Filip Victor, founder and CEO of MetaMap, said in a statement.
MetaMap is building their flagship tech hub in India, with over 30 employees already across offices in Bangalore and Gurugram, and a plan to 5x headcount in India this year. It also announced a number of partnerships with leading Indian fintechs, marketplaces and crypto exchanges in 2022.
MetaMap allows entrepreneurs to vet individuals and assess their risk profile based on a variety of personal merits, validated by hundreds of data points that MetaMap surfaces.
With these merits, entrepreneurs can recognise the whole spectrum of an individual's profile, from basics like legal identity to more sophisticated qualifications such as biometrics and psychometrics.
In turn, users are able to access digital services, often for the first time. Developers using MetaMap can put together custom automated workflows that qualify users on any number of different merits at any stage of their customer journey.