Despite the market downturn, Indian financial technology company Money View said on Monday that it has received $75 million in a fresh investment round in order to expand its core credit business and create additional products for the South Asian market.
The Series E investment round for Money View, headed by Apis Partners, increased the startup’s valuation from $615 million at the time of its Series D funding round in March to $900 million. In a statement, the company claimed that it hasn’t completed the deal yet and that it plans to continue raising money.
Money View, has been in talks with potential investors in an effort to fund up to $150 million at a $1 billion value. Tiger Global, Winter Capital, and Evolence, all of whom had previously invested in the company, joined the round as well, the business said today.
The eight-year-old company caters to consumers who, because to a lack of a credit score, would not be able to get financing from traditional lenders. Most people in the South Asian market are not creditworthy because of the little information available in India’s credit bureau data book. Thus, most Indians do not have access to bank loans or credit cards. Fintechs use cutting-edge underwriting tools to provide credit to consumers and navigate a complex regulatory landscape that is becoming more restrictive.
As of this writing, Money View is managing over $800 million and has disbursed over $1.2 billion in loans on an annually basis. Regulatory filings show that in the fiscal year ending in March, the business recorded $30.6 million in sales and a profit of $2.14 million, making it profitable for the second year in a row.
“Our performance and development over the last two years has enabled us to advance our vision of real financial inclusion in India with remarkable success,” said Puneet Agarwal, founder and chief executive officer of Money View, in a statement. We are delighted to have Apis Partners on board, and with their help, we want to build the most comprehensive online credit platform in India.
Money View said that it will use the newly acquired capital to expand its credit business, add new products to its offering (such as digital bank accounts, insurance, and wealth management), and increase its workforce.
Its fresh capital infusion comes as dealflow activity in the South Asian market has slowed significantly as investors become wary of writing new checks and reassess their underwriting processes in response to falling values of publicly listed corporations.
Matteo Stefanel, Co-founder and Managing Partner at Apis Partners, said in a statement, “We are truly excited to partner with the company at this stage of its journey.” Money View “has achieved great success already, with their credit products democratising the access for millions of customers in India.”
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