Besides, Winter Capital, Evolvence India, and Accel led the funding round
The fintech startup will use the fresh fund to expand team, scale core business, and introduce new products
From the expansion strategies as shared by the startup, it seems it might go the neobank route down the line
Bengaluru-based fintech startup Money View has raised $75 Mn in its Series D funding from Tiger Global, Winter Capital, Evolvence India, and Accel.
South Park Commons, Trusted Insight and Dream Incubator also participated in the latest round of funding.
According to a statement, the startup is now valued at $625 Mn.
Money View said that it will use the fresh influx of liquidity as growth capital and will invest it to acquire new talent, scale up the credit business, and expand its product portfolio. The startup plans to introduce products such as digital bank accounts, insurance and wealth management solutions as well.
From the expansion strategies as shared by the startup, it seems it might go the neobank route down the line, with the enlisted products.
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Money View offers personal loans, as well as buy-now-pay-later (BNPL) products worth up to INR 5 Lakh, to individuals.
It also offers personal financial management solutions to end consumers. For its credit offerings, the Bengaluru-based fintech has partnered with more than 15 financial institutions.
Further, it claims to have more than 1 Mn monthly app downloads and has a user base of more than 200 Mn customers. Money View also claims that 75% of its users come from Tier 2 and 3 cities.
According to Money View, it has seen a growth of 4 times year-over-year. The startup is disbursing loans at an annualised run rate of $700 Mn and has targeted to reach $1 Bn AUM over the next 12 months.
Incidentally, Tiger Global has aggressively funded the BNPL segment in the Indian fintech startup ecosystem. The investment company participated in the Series B funding round of Progcap last June, a fintech startup providing credit to enterprises.
In 2021, the country’s fintech startups raised around $8 Bn across 280 funding deals. Among the larger fintech sector, lending tech and digital payments bagged the most venture capital inflow last year, accounting for 68% of the total funding and 44% of the total deal count.
India’s overall fintech market opportunity will reach $1.3 Tn by 2025, growing at a CAGR of 31% during 2021-2025.
As was the case with capital inflow, the lending tech will lead all the sub-sectors within fintech, accounting for 47%, or $616 Bn of the total market opportunity. Insurtech and digital payments will likely follow, at 26% ($339 Bn) and 16% ($208 Bn), respectively.
The BNPL market is currently the hottest segment within fintech, with the total BNPL market expected to reach $43.3 Bn by 2025, experiencing 11x growth within five years, per Inc42 analysis.