Indian fintech Money View valued at $900 million in new funding
Indian fintech Money View said on Monday it has raised $75 million in a new funding round, its second this year, despite the market slowdown, as it looks to scale its core credit 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 closed and it expects to raise more capital.
TechCrunch reported in October that Money View engaged 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 start-up offers personal credit products and financial management solutions to customers who otherwise do not have a credit score and therefore cannot use credit from banks and other financial institutions. India’s credit bureau data book is thin, making most individuals in the South Asian market unworthy of credit. Fintechs use modern insurance systems to lend to customers and a maze of regulatory arbitrage – increasingly closed – to operate.
Money View currently disburses about $1.2 billion in loans, on an annual basis, and manages over $800 million, it said. The startup, which says it has been profitable for the past two years, posted revenue of $30.6 million and a profit of $2.14 million in the fiscal year ended in March, according to regulatory disclosures.
“Our performance and growth over the past two years has allowed us to drive our goal of true financial inclusion in India with great success,” Puneet Agarwal, founder and CEO of Money View, said in a statement. “We are delighted to have Apis Partners with 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 fresh funds to expand its credit business, expand its product portfolio with services such as digital bank accounts, insurance, wealth management and hire more talent, it said.
The new funding comes at a time when dealflow activity has slowed dramatically in the South Asian market as investors become wary of writing new checks and evaluate their underwriting models after valuations of listed firms fall.
“Money View has already achieved great success, with their credit products democratizing 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 CEO. partner in Apis Partners, in a statement.
