Despite the market downturn, Indian fintech Money View announced on Monday that it has received $75 million in a fresh 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 stated in a statement that it still plans to acquire additional funds and that the round hasn’t concluded.
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 received money from previous backers Tiger Global, Winter Capital, and Evolence as well.
Customers who would normally lack a credit score and be unable to obtain credit from banks and other financial institutions can now take use of the eight-year-old startup’s customised 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 credit-ineligible. Fintechs operate through a maze of regulatory arbitrage that is increasingly getting closed and contemporary underwriting technologies to lend to customers.
According to the company, Money View is now handling over $800 million and disbursing loans totaling roughly $1.2 billion on an annually basis. The firm reported $30.6 million in revenue and $2.14 million in profit for the fiscal year that ended in March, claiming that it had been profitable for the previous two years.
“Our performance and growth over the past two years has allowed us to drive our mission of true financial inclusion in India with great success,” said Puneet Agarwal, founder and chief executive of Money View, in a statement. “We are thrilled to have Apis Partners join us in 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 its credit company, increase its product offering to include services like digital bank accounts, insurance, and wealth management, as well as hire more people.
Its fresh investment comes at a time when dealflow activity in the South Asian market has drastically decreased as investors become more wary of writing new checks and assess their underwriting models after the valuations of publicly listed companies fall sharply.
“Money View has achieved great success already, with their credit products democratising the 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 Managing Partner at Apis Partners, in a statement.