Indian fintech MoneyView on Monday raised $75 million in a new funding round, its second this year, despite a market downturn as it looks to grow its core lending business and build more products in the South Asian market.
Apis Partners led Money View’s Series E funding round, valuing the Bengaluru-headquartered startup at $900 million, up from $615 million in March’s $75 million Series D funding round. The startup said in a statement that the round is not closed and that it will raise additional capital.
TechCrunch reported in October that MoneyView 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 Evolution also participated in the funding.
The eight-year-old startup offers personalized credit products and financial management solutions to customers who don’t have a credit score and can’t access credit from banks and other financial institutions. India’s credit bureau database is thin, leaving most individuals in the South Asian market ineligible for credit. Fintechs use modern underwriting systems and a lot of regulatory arbitrage – increasingly closed – to make loans to customers.
Money View currently disburses approximately $1.2 billion in loans annually and manages more than $800 million. The startup, which has been profitable for the past two years, posted $30.6 million in revenue and $2.14 million in profit in the fiscal year ended in March, regulatory data shows.
“Our performance and growth over the past two years has enabled us to drive our mission of true financial inclusion in India with great success,” said Puneet Agarwal, founder and CEO of MoneyView, 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 for innovation and comprehensive financial solutions.”
MoneyView said it plans to use the new funds to grow its lending business, expand its product portfolio such as digital bank accounts, insurance, wealth management and hire additional talent.
The new funding comes at a time when investors in the South Asian market are wary of writing new checks and deal flow activity has slowed sharply after the valuation of publicly listed companies.
“Money View has already achieved great success, democratizing access to millions of customers in India with their credit products, and we are truly excited to partner with the company at this stage of its journey,” said Co-Founder and Managing Director Matteo Steffel. A partner at Apis Partners, in a statement.
