Indian fintech Money View mentioned on Monday it has raised $75 million in a brand new funding spherical, its second this 12 months, regardless of the market stoop because it seems to scale its core credit score enterprise and construct extra merchandise within the South Asian market.
Apis Partners led Money View’s Series E funding spherical, valuing the Bengaluru-headquartered startup at $900 million, up from $615 million in a Series D funding spherical in March. The startup mentioned in an announcement that the spherical hasn’t closed and it expects to lift extra capital.
Thealike reported in October that Money View was partaking with buyers to lift as much as $150 million at a valuation of $1 billion. The startup mentioned as we speak that current backers Tiger Global, Winter Capital and Evolence additionally participated within the funding.
The eight-year-old startup provides personalised credit score merchandise and monetary administration options to prospects who in any other case don’t have a credit score rating and so can’t avail credit score from banks and different monetary establishments. India’s credit score bureau information e-book is skinny, making most people within the South Asian market unworthy of credit score. Fintechs use modern-age underwriting programs to lend to prospects and a maze of regulatory arbitrage — more and more getting closed — to function.
Money View is at the moment disbursing about $1.2 billion in loans, at an annualized-basis, and managing over $800 million, it mentioned. The startup, which says it has been worthwhile for the previous two years, clocked a revenue of $30.6 million and a revenue of $2.14 million within the monetary 12 months that led to March, in response to regulatory disclosure.
“Our performance and growth over the past two years has allowed us to drive our mission of true financial inclusion in India with great success,” mentioned Puneet Agarwal, founder and chief government of Money View, in an announcement. “We are thrilled to have Apis Partners join us in our journey and with their support, we look forward to becoming India’s leading online credit platform with innovative and holistic financial solutions.”
Money View plans to deploy the contemporary funds to develop its credit score enterprise, broaden its product portfolio with companies corresponding to digital financial institution accounts, insurance coverage, wealth administration and rent extra expertise, it mentioned.
Its new funding comes at a time when the dealflow exercise has slowed down dramatically within the South Asian market as buyers develop cautious of writing new checks and consider their underwriting fashions after valuations of publicly listed companies take a tumble.
“Money View has achieved great success already, with their credit products democratising the access for millions of customers in India, and we are truly excited to partner with the company at this stage of its journey,” mentioned Matteo Stefanel, Co-founder and Managing Partner at Apis Partners, in an announcement.
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