Fintech startup Money View bags $75 million from Apis Partners, Tiger Global, others
Bengaluru-based fintech startup Money View has secured $75 million in its ongoing Series E funding, led by Apis Partners, a UK-based asset manager that supports the growth stage of financial services and financial infrastructure. The venture capital companies Tiger Global, Winter Capital and Evolvence have participated in the round.
The funding round values the company at $900 million, taking it to the club of soonicorn startups likely to achieve a $1 billion valuation in the near future.
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Money View is an online financial services platform offering personalized credit products and personal financial management solutions. With over 40 million app downloads, the company claims to operate at an annual payout rate of $1.2 billion currently, and manages AUM of over $800 million. The company said it has been profitable for the past two years.
The new funding will be used as growth capital to scale the core credit business, expand the team and expand the product portfolio with services such as digital bank accounts, insurance and wealth management solutions, the company said in a statement.
“Money View is one of the most innovative and successful digital credit companies across our markets and has achieved market leadership in India while delivering high profitability and a strong focus on ESGI principles. Money View’s strong track record speaks for itself , and we are confident that we will be able to celebrate more successes with the company in the coming months and years,” said Udayan Goyal, co-founder and managing partner at Apis Partners.
The funding announcement comes at a time when layoffs continue to rock the Indian business ecosystem. Layoffs have been widespread in the tech space, including the startup ecosystem that has been hit by a funding winter due to rising interest rates, tightening liquidity and a slowdown in technology globally. Most start-up managers expect the tough macroeconomic environment to last 12-18 months or even more.
The latest in the series is Amsterdam-based fintech giant PayU which said it would lay off 6 percent of its workforce in India, affecting around 150 employees.
Since the beginning of 2022, Indian startups have laid off over 16,000 employees, according to industry estimates.
Several startups across verticals including Byju’s, Unacademy, Vedantu, Ola, Chargebee, MPL, Meesho, Cars24 and Udaan have cut their workforce as fears of further decline in funding and looming recession are forcing startups and tech companies to cut back employee strength. , optimizing costs and extending their capital paths long enough to survive this downturn cycle.
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