New funding for the Indian fintech Money View is valued at $900 million
Despite the market downturn, Indian fintech Money View announced on Monday that it had raised $75 million in a second funding round this year to expand its core credit business and develop additional products for the South Asian market.
Money View’s Series E funding round, led by Apis Partners, valued the Bengaluru-based startup at $900 million, up from $615 million in March’s $75 million Series D funding round. The startup stated in a statement that the round has not concluded and that it anticipates seeking additional funding.
In October, Money View was attempting to raise up to $150 million from investors for a $1 billion valuation. Tiger Global, Winter Capital, and Evolence, the startup’s previous investors, also participated in the funding, it was reported today.
Customers who lack a credit score and cannot obtain credit from banks or other financial institutions can benefit from the eight-year-old startup’s personalized credit products and financial management solutions. The lack of data in India’s credit bureaus renders the majority of South Asian customers unworthy of credit. Fintechs utilize present day age guaranteeing frameworks to loan to clients and a labyrinth of administrative exchange — progressively getting shut — to work.
According to the report, Money View is managing over $800 million and is currently disbursing approximately $1.2 billion in loans on an annualized basis. According to regulatory disclosure, the startup reported revenue of $30.6 million and profit of $2.14 million in the fiscal year that ended in March. It claims to have been profitable for the previous two years.
“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,” said Puneet Agarwal, founder and chief executive of Money View, in a statement. “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.”
According to the company, Money View intends to use the new funds to expand its credit business, add services like digital bank accounts, insurance, and wealth management, and hire more talent.
It receives new funding at a time when dealflow activity in the South Asian market has significantly slowed down as investors become more wary of writing new checks and evaluate their underwriting models as a result of falling valuations of publicly traded companies.
“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,” said Matteo Stefanel, Co-founder and Managing Partner at Apis Partners, in a statement.