Indian fintech Money View said on Monday it had raised $75 million in a new round of funding, its second this year, despite the market slump to scale its core lending business and develop more products in the South Asian market.
Apis Partners led Money View’s Series E funding round, valuing the Bangalore-headquartered startup at $900 million, up from $615 million in a $75 million Series D funding round in March. The startup said in a statement that the round is ongoing and expects to raise more capital.
TechCrunch reported in October that Money View is working with investors to raise up to $150 million at a $1 billion valuation. The startup announced today that existing backers Tiger Global, Winter Capital and Evolence also participated in the funding.
The eight-year-old startup offers personalized lending products and financial management solutions to customers who otherwise have no credit history and are therefore unable to obtain credit from banks and other financial institutions. Indian credit bureaus’ data book is thin, making most individuals in the South Asian market uncreditworthy. Fintechs use modern underwriting systems to lend to clients and a maze of regulatory arbitrage – which is increasingly closing – to operate.
Money View currently originates about $1.2 billion in loans on an annual basis and has over $800 million under management, it said. The startup, which says it has been profitable for the past two years, reported revenue of $30.6 million and profit of $2.14 million for the fiscal year ended March, according to regulatory disclosures.
“Our performance and growth over the past two years has enabled us to advance our mission of true financial inclusion in India with great success,” said Puneet Agarwal, Founder and CEO of Money View, in a statement. “We are very pleased to have Apis Partners with us on our journey and look forward to their support to become India’s leading online lending platform with innovative and holistic financial solutions.”
Money View plans to use the fresh funds to grow its lending business, expand its product portfolio with services like digital bank accounts, insurance, wealth management, and hire more talent, it said.
The new funding comes at a time when deal-flow activity in the South Asian market has slowed dramatically as investors become more cautious about writing new checks and evaluating their underwriting models after valuations of listed companies plummet.
“Money View has already achieved great success with its lending products that are democratizing access for millions of customers in India and we are delighted to be working with them at this stage of their journey,” said Matteo Stefanel, Co-Founder and Managing Partner at Apis Partners, in a statement.