Indian fintech Money View has announced that it has raised $75 million in fresh funding.
With the Series E funding round, led by private equity asset manager Apis Partners, the Bengaluru-headquartered startup is inching closer and closer to becoming a tech unicorn. The fintech is now valued at $900 million. The startup’s existing backers Tiger Global, Winter Capital, and Evolence also participated in the funding.
Money View is an online credit platform that offers personalized credit products like instant personal loans, cards, BNPL, and personal financial management solutions.
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Money View aims to expand financial products and services to 90% of the underserved population in India – a country of more than a billion people. The startup uses AI-powered proprietary models that it claims can predict risk more accurately than traditional models.
“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, co-founder and CEO of Money View.
Financial Inclusion: The company aims to boost financial inclusion in India and become the leading online credit platform. The fintech startup plans to use the new funds to scale up its core credit business and expand its product portfolio with services such as digital bank accounts, insurance, and wealth management solutions. Money View is currently disbursing about $1.2 billion in loans at an annualized-basis, and managing over $800 million, it said.
“Money View has achieved great success already, with their credit products democratizing the access for millions of customers in India, and we are truly excited to partner with the company at this stage,” Matteo Stefanel, co-founder and managing partner at UK-based Apis Partners, said in a statement.
Funding crunch: The Indian startup ecosystem has witnessed a 35% year-on-year drop in total funding so far in 2022 at $24.7 billion from $37.2 billion in 2021, according to an annual report by analytics firm Tracxn that tracks startups. Retail and fintech were among the worst-affected sectors in the country.
