Indian fintech firm Money View on Monday said it has raised $75 million in a new funding round, its second this year, despite a market slump as the company looks to expand. scale the core credit business and build more products in the South Asian market.
Apis Partners led Money View’s Series E funding round, valuing the Bengaluru-based startup at $900 million, up from $615 million in a $75 million Series D funding round. in March. The startup said in a statement that the funding round is not over yet and that it hopes to raise more capital.
TechCrunch reported in October that Money View is attracting investors to raised to $150 million at a $1 billion valuation. The startup said today that existing backers Tiger Global, Winter Capital and Evolence also joined the funding.
This eight-year-old startup offers personalized credit products and financial management solutions to customers who do not have a credit score and therefore cannot access credit from banks and other financial institutions. other financial institutions. The Indian credit bureau’s data book is thin, making most individuals in the South Asian market unworthy of credit. Fintech uses modern-day underwriting systems to lend to customers and a maze of regulated arbitrage – more and more close the door – operate.
See money it is currently disbursing about $1.2 billion in loans, on an annual basis, and managing more than $800 million, it said. The startup, which says it has been profitable for the past two years, hits pace revenue of 30.6 million USD and a profit of $2.14 million for the fiscal year ended March, according to regulatory disclosures.
Puneet Agarwal, founder and chief executive officer of Money View, said: “Our performance and growth over the past two years has enabled us to fulfill our mission to bring true financial inclusion into India. Brilliant success. “We are delighted to have Apis Partners join us in our journey and with their support we aim to become India’s leading online credit platform with award winning solutions. innovative and comprehensive financial solutions.”
Money View plans to deploy new funds to grow its credit business, expand its product portfolio with services such as digital bank accounts, insurance, wealth management and hire more employees. talent.
Its new funding comes at a time when trading activity has slowed significantly in the South Asian market as investors become cautious when writing new checks and evaluating their underwriting models. after the valuations of publicly listed companies tumbled.
Matteo Stefanel, Co-Founder and Manager, said: “Money View has enjoyed great success with their credit products that have democratized the access of millions of customers in India and we are truly delighted. Glad to be partnering with the company at this stage of the journey. Partners at Apis Partners, in a statement.
