Indian fintech Money View valued at $900 million in new funding

Indian fintech Money View said connected Monday it has raised $75 cardinal successful a caller backing round, its 2nd this year, contempt the marketplace slump arsenic it looks to standard its halfway recognition concern and physique much products successful the South Asian market.

Apis Partners led Money View’s Series E backing round, valuing the Bengaluru-headquartered startup astatine $900 million, up from $615 cardinal successful a $75 cardinal Series D backing circular successful March. The startup said successful a connection that the circular hasn’t closed and it expects to rise much capital.

TechCrunch reported successful October that Money View was engaging with investors to raise up to $150 cardinal astatine a valuation of $1 billion. The startup said contiguous that existing backers Tiger Global, Winter Capital and Evolence besides participated successful the funding.

The eight-year-old startup offers personalized recognition products and fiscal absorption solutions to customers who different don’t person a recognition people and truthful can’t avail recognition from banks and different fiscal institutions. India’s recognition bureau information publication is thin, making astir individuals successful the South Asian marketplace unworthy of credit. Fintechs usage modern-age underwriting systems to lend to customers and a maze of regulatory arbitrage — progressively getting closed — to operate.

Money View is presently disbursing astir $1.2 cardinal successful loans, astatine an annualized-basis, and managing implicit $800 million, it said. The startup, which says it has been profitable for the past 2 years, clocked a revenue of $30.6 million and a nett of $2.14 cardinal successful the fiscal twelvemonth that ended successful March, according to regulatory disclosure.

“Our show and maturation implicit the past 2 years has allowed america to thrust our ngo of existent fiscal inclusion successful India with large success,” said Puneet Agarwal, laminitis and main enforcement of Money View, successful a statement. “We are thrilled to person Apis Partners articulation america successful our travel and with their support, we look guardant to becoming India’s starring online recognition level with innovative and holistic fiscal solutions.”

Money View plans to deploy the caller funds to turn its recognition business, broaden its merchandise portfolio with services specified arsenic integer slope accounts, insurance, wealthiness absorption and prosecute much talent, it said.

Its caller backing comes astatine a clip erstwhile the dealflow enactment has slowed down dramatically successful the South Asian marketplace arsenic investors turn cautious of penning caller checks and measure their underwriting models aft valuations of publically listed firms instrumentality a tumble.

“Money View has achieved large occurrence already, with their recognition products democratising the entree for millions of customers successful India, and we are genuinely excited to spouse with the institution astatine this signifier of its journey,” said Matteo Stefanel, Co-founder and Managing Partner astatine Apis Partners, successful a statement.