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Tuesday, July 23, 2024

Fintech startup Money View is worth $625M after Series D funding round

Money View has secured Rs. 576 crore in a funding round. The  fintech startup has become worth $625 million after the round.

Money View has secured Rs. 576 crore ($75 million) in its series D round of fundraising. The Bengaluru-based financial platform run by Whizdm Innovations Pvt Ltd, is worth $625 million after the round.

Evolvence India an Winter Capital, both based in Moscow, have become new investors in this round. Two of Money View’s current investors, took part in this round, including Tiger Global and Accel.

“Money View will use the new funding as growth capital to build the core credit business, grow the team, and add services such as digital bank accounts, wealth management solutions, and insurance to its product line,” according to a spokeswoman.

Puneet Agarwal and Sanjay Aggarwal jointly founded Money View, a major online credit platform that offers a full suite of tailored credit products and personal financial management tools. To offer credit/financial products on its platform, the business has partnered with over 15 banks.

Whizdm Innovations Pvt Ltd claims to have over 1 million monthly App downloads and to serve 200+ million underserved clients.

With 75 percent of users coming from Tier 2/3 cities, the startup’s solid digital infrastructure and frictionless user experience enables for pan-India expansion. The company’s patented data models offer a 360-degree risk evaluation, allowing credit to be extended to neglected segments.

Money View is stated to have increased four times year on year, thanks to outstanding unit economics and a track record of profitability. The company is disbursing loans at a $700 million annually run rate and is on track to reach $1 billion AUM in the next 12 months.

Money View’s fundraising comes at a time when competition in the fintech market in India is heating up.The desire for digital adoption has been intensified by the limits imposed by Covid-19.

Many fintech startups serving various needs and sectors have funded millions of dollars to capitalise on increased digital use. To be sure, India has produced up to eight unicorns in the fintech area since 2021. Perfios is the only fintech business to enter the prestigious club this year.

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