Indian fintech Money View raised $75 million in a new funding round for the second time this year despite a market downturn as it seeks to expand its core credit business and build more products in South Asian markets on Monday. said to have procured
Apis Partners led Money View’s Series E funding round, valuing the Bengaluru-based startup at $900 million, up from $615 million in its $75 million Series D funding round in March. did. In a statement, the startup said the round has not yet closed and is expecting further funding.
TechCrunch reported in October that Money View is working with investors to Raises up to $150 million at $1 billion valuationThe startup said today that existing backers Tiger Global, Winter Capital and Evolence also participated in the funding round.
This 8-year-old start-up offers personalized credit products and financial management solutions to customers without a credit score and without access to credit from banks and other financial institutions. India’s credit bureau databook is thin and most individuals in the South Asian market are not creditworthy. Fintech companies are using modern underwriting systems to lend to customers and engage in a labyrinth of regulatory arbitrage. closed – works.
money view currently makes approximately $1.2 billion in loans on an annual basis and manages more than $800 million. The startup, which has remained profitable for the past two years, $30.6 million in revenue It had a profit of $2.14 million in the fiscal year ended March, according to regulatory disclosures.
Money View founder and CEO Puneet Agarwal said in a statement: “We are delighted to have Apis Partners on our journey.With their support, we hope to become India’s leading online credit platform for innovative and holistic financial solutions. looking forward to it.”
Money View plans to deploy new funds to grow its credit business, expand its product portfolio with services such as digital bank accounts, insurance and wealth management, and hire more talent, the company said. said.
The company’s new funding boosted deal flow activity in South Asian markets as investors became wary of writing new checks and evaluating underwriting models after valuations of listed companies plummeted. is decelerating dramatically.
“Money View has already achieved tremendous success, with their credit products democratizing access for millions of customers in India, and we are truly delighted to partner with them at this stage in their journey.” Apis Partners partner, in a statement.
