SUMMARY
Tiger Global, Winter Capital and Evolvence also participated in the funding round
Money View will use the fresh capital to scale its credit business, grow the team, and expand its product portfolio
The development comes months after Money View secured $75 Mn in its Series D funding at a valuation of $625 Mn
Lendingtech startup Money View has raised $75 Mn in Series E funding round at a valuation of $900 Mn. The round was led by the UK-based private equity company Apis Partners.
Tiger Global, Winter Capital and Evolvence also participated in the funding round.
Money View will use the fresh capital to scale its credit business, grow the team, and expand its product portfolio by adding services such as digital bank accounts, insurance, and wealth management solutions.
The development comes months after Money View secured $75 Mn in its Series D funding at a valuation of $625 Mn. The investment was backed by Tiger Global, Winter Capital, Evolvence India, and Accel, among others.
Set up in 2014 by Puneet Agarwal and Sanjay Aggarwal, the Bengaluru-based startup offers customised loans and BNPL products up to INR 5 Lakh to individual customers. It also offers personal financial management solutions to individuals.
“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,” said Puneet Agarwal, CEO of Money View.
The startup claims to have recorded more than 40 Mn app downloads and further registered an annualised disbursal run rate of $1.2 Bn. It also asserts that it is presently managing assets under management (AUMs) worth more than $800 Mn.
“Money View has achieved great success already, with their credit products democratising the access for millions of customers in India, and we are truly excited to partner with the company at this stage of its journey,” said Matteo Stefanel, cofounder and managing partner at Apis Partners.
As per the startup it has been profitable in the past two years and also, witnessed unit economic positive since its inception.
Its cap table includes South Park Commons, Trusted Insight and Dream Incubator, among others.
In India’s lendingtech space, it faces competition from the likes of KreditBee, Pay Sense, Nira and CASHe, among others.
According to an Inc42 report, the country’s lendingtech market will capture 47% (or $616 Bn) of the overall fintech market, pegged at $1.3 Tn, by 2025. The fintech market is likely to grow at a CAGR of 31% during the forecasted period 2021-25.
