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Monday, April 15, 2024

Indian fintech Money View set to become unicorn after $75M funding round

Indian fintech Money View has secured $75 million in a new  round of funding. The company is now valued at $900 million and may soon become a unicorn.

Money View, an Indian fintech, announced on Monday that it has secured $75 million in a fresh investment round, its second this year, as it strives to develop its core credit business and add other products in the South Asian market.

Money View’s Series E investment round was headed by Apis Partners, who valued the Bengaluru-based business at $900 million, up from $615 million in a $75 million Series D funding round in March.

The business stated in a statement that the deal has not yet completed and that it plans to acquire further funds.

In October, the media reported that Money View was in talks with investors to fund up to $150 million at a $1 billion value.

Existing backers Tiger Global, Winter Capital, and Evolence all participated in the fundraising, according to the firm.

The eight-year-old company provides customised credit products and financial management solutions to consumers who do not have a credit score and hence cannot obtain credit from banks or other financial institutions.

Because India’s credit bureau data book is limited, most persons in the South Asian market are uncreditworthy.

Fintechs function by using modern-day underwriting tools and navigating a tangle of regulatory arbitrage, which is becoming increasingly difficult.

Money View is presently disbursing over $1.2 billion in loans on a yearly basis and managing over $800 million, according to the company. According to regulatory filings, the business, which claims to have been successful for the previous two years, made $30.6 million in sales and $2.14 million in profit in the fiscal year that ended in March.

Puneet Agarwal, founder and CEO of Money View, stated, “Our performance and growth over the last two years has allowed us to successfully push our vision of real financial inclusion in India. We are happy to have Apis Partners join us on this journey, and we look forward to become India’s foremost online credit platform with innovative and complete financial solutions with their help.”

Money View intends to use the new capital to expand its credit operations, increase its product offering with services such as digital bank accounts, insurance, and wealth management, and recruit additional employees, according to the company.

Its fresh investment comes at a time when dealflow activity in the South Asian market has slowed substantially as investors become wary of writing new checks and rethink their underwriting procedures as the values of publicly traded companies fall.

Co-founder and Managing Partner at Apis Partners,  Matteo Stefanel, stated, “Money View has already achieved remarkable success, with its credit solutions democratising access for millions of clients in India.”

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