Indian Fintech Startup Money View Raises $75M in Series E
Despite the market slowdown, Indian fintech Money View announced on Monday that it has received $75 million in a new investment round, its second this year, as it seeks to scale its core credit business and develop additional products for the South Asian market.
Money View raised $900 million in a Series E investment round led by Apis Partners, increasing its valuation from $615 million in a Series D funding round in March to $900 million. The business said in a statement that it still plans to raise additional funds and that the round has not closed.
In October, TechCrunch reported that Money View was talking to investors about raising up to $150 million at a $1 billion valuation. The startup said today that it also received money from previous backers Tiger Global, Winter Capital and Evolence.
Customers who normally lack credit scores and are unable to obtain credit from banks and other financial institutions can now make use of the eight-year-old startup’s customized credit products and financial management services. Due to India’s small credit bureau data book, the majority of people in the South Asian market are not credit eligible. Fintechs operate through a maze of regulatory arbitrage that increasingly makes closed and modern underwriting technologies lend to clients.
According to the company, Money View now handles over 800 million dollars and disburses loans totaling around 1.2 billion dollars on an annual basis. The firm reported $30.6 million in revenue and $2.14 million in profit for the fiscal year ended in March, and claimed it had been profitable in the previous two years.
“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 stated that it intends to use the additional capital to expand the credit company, increase its product offering to include services such as digital bank accounts, insurance and wealth management, as well as hire more people.
The fresh investment comes at a time when activity in the South Asian market has slowed sharply as investors become more cautious about writing new checks and assessing their insurance models after valuations of listed companies fall sharply.
“Money View has already achieved great success, with its 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.
