Money View, a fintech startup that simplifies access to credit for billions of people in India, has raised $75 million in a Series E funding round to grow its credit business, grow its team, and expand its product portfolio with new services including bank accounts, insurance, and wealth management.
The latest round follows the $75 million Series D funding raised in March from Tiger Global, Winter Capital, and Evolvence India which valued the company at $625 million. The latest round, which was led by Apis Partners, increased the valuation of Bengaluru, India-based Money View to almost a unicorn status at $900 million.
Founded in 2014 by CEO Puneet Agarwal and Sanjay Aggarwal, Money View offers a full suite of personalized credit products like instant personal loans and cards. Through its partnerships with over 15 financial institutions, Money View also offers credit offerings and other financial products including BNPL and personal financial management solutions.
The new funding will help the eight-year-old startup to scale its core credit business, and credit offerings, and build more products in the South Asian market.
In a statement, Agarwal said: “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. 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.”
To date, Money View has disbursed around $1.2 billion in loans, on an annualized basis, and manages over $800 million. The fintech startup said it has been economically positive since inception and profitable in the past two years. According to regulatory filings, Money View had a revenue of $30.6 million and a profit of $2.14 million in the financial year that ended in March.
With over 40 million app downloads and over one million monthly app downloads, Money View is currently helping over 200 million underserved Indian customers who are for the most part ignored by major banks and other financial institutions for their financial needs. Money View competes with KreditBee and Sachin Bansal-led Navi.
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- Source: https://techstartups.com/2022/12/26/indian-fintech-startup-money-view-raises-75-million-900-million-valuation/
