Indian fintech Money View valued at $900m in new funding
Indian fintech Money View announced Monday that it has raised $75 million in a new funding round, its second this year, despite a market crash as it seeks to scale its core credit business and create more products in the South Asian market.
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.
Eight-year-old startup offers personalized credit products and money management solutions to customers who otherwise don't have a credit score and therefore can't get credit from banks and others financial institutions. The Indian credit bureau's data book is thin, which makes most individuals in the South Asian market uncreditworthy. Fintechs use modern underwriting systems to lend to customers and a maze of – increasingly closed – regulatory arbitrage 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, it said. -he declared.
Its new funding comes at a time when deal flow activity has slowed significantly in the South Asian market as investors become increasingly cautious about issuing new checks and evaluating their underwriting models after falling 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 be partnering with the company at this stage in its journey,” said said Matteo Stefanel, Co-founder and Managing Partner at Apis Partners, in a press release.
Indian fintech Money View announced Monday that it has raised $75 million in a new funding round, its second this year, despite a market crash as it seeks to scale its core credit business and create more products in the South Asian market.
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.
Eight-year-old startup offers personalized credit products and money management solutions to customers who otherwise don't have a credit score and therefore can't get credit from banks and others financial institutions. The Indian credit bureau's data book is thin, which makes most individuals in the South Asian market uncreditworthy. Fintechs use modern underwriting systems to lend to customers and a maze of – increasingly closed – regulatory arbitrage 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, it said. -he declared.
Its new funding comes at a time when deal flow activity has slowed significantly in the South Asian market as investors become increasingly cautious about issuing new checks and evaluating their underwriting models after falling 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 be partnering with the company at this stage in its journey,” said said Matteo Stefanel, Co-founder and Managing Partner at Apis Partners, in a press release.
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