Indian fintech Money View said on Monday it has raised $75 million in a new round of funding, its second this year, despite the market slump as it looks to scale 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 a $75 million Series D funding round in March. The startup said in a statement that the round has not yet closed and expects to raise more capital.
toptecheasy.com reported in October that Money View was in talks 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 also participated in the funding.
The eight-year-old startup offers personalized credit products and financial management solutions to customers who otherwise have no credit score and are therefore unable to obtain credit from banks and other financial institutions. The data book of India’s credit bureaus is meager, making most people in the South Asian market uncreditworthy. Fintechs use modern underwriting systems to lend customers and a maze of regulatory arbitrage – increasingly closed – to operate.
View money currently makes about $1.2 billion in loans, on an annual basis, and manages more than $800 million, it said. The startup, which says it has been profitable for the past two years, clocked a revenue of $30.6 million and earnings of $2.14 million in the fiscal year ended March, according to the regulatory disclosure.
“Our performance and growth over the past two years has enabled us to continue our mission of true financial inclusion in India with great success,” said Puneet Agarwal, founder and CEO of Money View, in a statement. “We are delighted to have Apis Partners joining us on our journey and with their support, we look forward to becoming India’s leading online credit platform with innovative and holistic financial solutions.”
Money View plans to use the new cash to grow its lending business, expand its product portfolio to include services such as digital bank accounts, insurance, wealth management and to hire more talent.
The new financing comes at a time when deal flow activity has slowed dramatically in the South Asian market as investors become cautious about writing new checks and reevaluating their underwriting models after valuations of listed companies collapse.
“Money View has already achieved great success, with their credit products democratizing access for millions of customers in India, and we are very excited to be working with the company at this stage of its journey,” said Matteo Stefanel, Co-Founder and Managing Partner at Apis Partners, in a statement.
