Indian Fintech Firm MoneyView Valued at $900 Million Following New Funding Round

Despite the market slump, Indian fintech startup Money View has successfully raised $75 million in a new funding round. This is its second major funding round this year, with the previous one being a $75 million Series D funding round in March.

Apis Partners Leads Money View’s Series E Funding Round

The latest funding round was led by Apis Partners, valuing the Bengaluru-headquartered startup at $900 million. This valuation is significantly higher than its previous valuation of $615 million in March. Existing backers Tiger Global, Winter Capital, and Evolence also participated in the funding round.

Money View’s Growth Story

Founded eight years ago, Money View offers personalized credit products and financial management solutions to customers who don’t have a credit score and can’t avail credit from banks and other financial institutions. India’s credit bureau data book is thin, making most individuals in the South Asian market unworthy of credit. Fintechs like Money View use modern-age underwriting systems to lend to customers and regulatory arbitrage to operate.

Disbursing Loans Worth $1.2 Billion Annually

Money View is currently disbursing about $1.2 billion in loans at an annualized-basis, with over $800 million being managed. The startup claims to have been profitable for the past two years, clocking a revenue of $30.6 million and a profit of $2.14 million in the financial year that ended in March.

Founder’s Statement

"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. "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."

Plans for Fresh Funds

Money View plans to deploy the fresh funds to grow its credit business, broaden its product portfolio with services such as digital bank accounts, insurance, wealth management, and hire more talent. The startup aims to leverage the funding to become India’s leading online credit platform.

Market Slump and Funding Challenges

The new funding comes at a time when the dealflow activity has slowed down dramatically in the South Asian market due to investors growing cautious of writing new checks and evaluating their underwriting models after valuations of publicly listed firms have taken a tumble. Money View’s success is all the more impressive given these challenges.

Apis Partners’ Statement

"Money View has achieved great success already, with their credit products democratizing access for millions of customers in India," said Matteo Stefanel, co-founder and managing partner at Apis Partners. "We are truly excited to partner with the company at this stage of its journey."

Conclusion

With a valuation of $900 million and fresh funding of $75 million, Money View is poised to continue its growth trajectory and expand its product offerings in the South Asian market. As India’s fintech scene continues to evolve, startups like Money View are leading the charge towards financial inclusion.

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Topics

• Apis Partners
• Fintech
• India
• Money View
• Startups
• Tiger Global
• Venture