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Indian fintech Money View valued at $900 million in new funding • TechCrunch

Indian fintech Money View valued at $900 million in new funding • TechCrunch

Indian fintech Money View valued at $900 million in new funding • TechCrunch

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Indian fintech Money View on Monday announced it has raised $75 million in a new funding round, its second this year, despite a market crash as it seeks to expand its core lending business and create more of products in the South Asian market.

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Apis Partners led Money View’s Series E funding round, valuing the Bengaluru-based startup at $900m, up from $615m in a $75m Series D funding round in March. The startup said in a statement that the round is not over and it expects to raise more capital.

TechCrunch reported in October that Money View is committing to investors to raise up to $150 million at a $1 billion valuation. The startup said today that existing backers Tiger Global, Winter Capital and Evolence also participated in the funding.

The eight-year-old startup offers personalized credit products and money management solutions to customers who don’t have a credit score and therefore can’t get credit from banks and other financial institutions. India’s credit bureau data book is thin, which makes most individuals in the South Asian market unworthy of credit. Fintechs use modern underwriting systems to lend to customers and an increasingly closed regulatory arbitrage maze to operate.

Money View currently disburses about $1.2 billion in loans, on an annualized basis, and manages more than $800 million, he said. The startup, which says it has been profitable for the past two years, posted $30.6 million in revenue and $2.14 million in profit in the fiscal year that ended in March, according to regulatory information.

“Our performance and growth over the past two years has enabled us to deliver on our mission of real financial inclusion in India,” Puneet Agarwal, founder and managing director of Money View, said in a statement. “We are delighted to have Apis Partners join us on our journey and with their support, we look forward to becoming India’s leading online lending platform with innovative and holistic financial solutions.”

Money View plans to deploy the new funds to grow its credit business, expand its product portfolio with services such as digital bank accounts, insurance, wealth management and hire more talent, he said. .

Its new funding comes at a time when deal flow activity has slowed significantly in the South Asian market, with investors becoming increasingly cautious about writing new checks and evaluating their underwriting patterns after the fall. valuations of listed companies.

“Money View has already achieved great success, with its credit products democratizing access to millions of customers in India, and we are truly delighted to partner with the company at this point in its journey,” said Matteo Stefanel. , co-founder and director. Partner at Apis Partners, in a press release.

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