Indian fintech Money View said on Monday it raised $75 million in a new funding round, its second this year, despite the market slump as it seeks to scale its core credit business and build more products in the investment market. ‘South Asia.
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 round has not closed and it plans to raise more capital.
TechCrunch reported in October that Money View was engaging with 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 have also participated in the funding.
The eight-year-old startup offers customized credit products and financial management solutions to customers who otherwise lack a credit score and therefore cannot take advantage of credit from banks and other financial institutions. The data book of the Indian credit bureau is poor which makes most of the people in the South Asian market unworthy of credit. Fintechs use modern-era underwriting systems to lend to customers and an increasingly closed maze of regulatory arbitrage to operate.
Money View is currently making about $1.2 billion in loans, on an annual basis, and manages more than $800 million, it said. The startup, which it says has been profitable for the past two years, reported revenue of $30.6 million and profit of $2.14 million in its financial year ending in March, according to the regulatory disclosure.
“Our performance and growth over the past two years has enabled us to very successfully advance our mission of true financial inclusion in India,” said Puneet Agarwal, founder and chief executive officer of Money View, in a statement. “We are thrilled 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 finance 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, it said.
Its new funding comes at a time when dealflow activity has slowed dramatically in the South Asian market as investors grow wary of writing new checks and evaluating their underwriting models after valuations of publicly traded companies plummet. collapse.
“Money View has already achieved great success, with its credit products democratizing access for millions of customers in India, and we are very excited to partner with the company at this stage of its journey,” said Matteo Stefanel, co-founder and managing director Partner of Apis Partners, in a statement.