Moneyview Turns Unicorn After Raising $4.6 Mn In Funding

MoneyView's Revenue Soars 75% To INR 1,012 Cr In FY24, Turns Unicorn

SUMMARY

While Accel invested INR 19.5 Cr in Moneyview, Nexus invested INR 19.1 Cr. This could be part of a larger funding round

As per Inc42 calculations, the fintech startup was valued at $1.2 Bn in the funding round. With this, it became the sixth startup to turn unicorn in 2024 so far

Meanwhile, Moneyview announced the acquisition of earned wage access platform Jify to diversify its offerings

Lending tech startup Moneyview has attained the coveted unicorn tag after raising INR 38.6 Cr (about $4.6 Mn) in a equity funding round from Accel India and Nexus Ventures.

Earlier this month, the startup’s board of directors approved issuance and allotment of 60.23 Lakh equity shares to Accel and Nexus Ventures at INR 64.15 apiece. While Accel invested INR 19.5 Cr in the startup, Nexus invested INR 19.1 Cr, as per its filings with the Ministry of Corporate Affairs.

As per Inc42 calculations, the startup was valued at $1.2 Bn in the funding round, thereby turning a unicorn. The development was first reported by Entrackr.

This comes shortly after the startup’s board passed a special resolution to raise INR 250 Cr (around $29.8 Mn) debt from unidentified investors through private placement of non-convertible debentures.

Besides, it was also reported that Moneyview was in talks to raise $50-$60 Mn in its Series F funding round. The funding raised from Accel and Nexus could be part of a larger funding round. However, Inc42 couldn’t ascertain this. An email sent to the startup didn’t receive any response till the time of publishing this story.

Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview offers personal loans, personal finance management solutions, and credit trackers. It competes with the likes of Flexiloans, Fibe, among others.

Prior to this funding, Moneyview raised $75 Mn in its Series E funding round led by Apis Partners at a valuation of $900 Mn in December 2022.

Meanwhile, Moneyview said in a statement on Thursday (September 12) that it has acquired earned wage access platform Jify. Moneyview said that the fintech startup’s acquisition will allow it to diversify its range of financial products ranging from credit to savings and investment products. The company said that the acquisition was done through a share swap.

Following the latest funding round, Moneyview has become the sixth startup to enter the unicorn club this year after Krutrim, Perfios, RateGain, Ather Energy, and Rapido. Earlier this month, Rapido raised $200 Mn in a Series E funding round led by existing investor WestBridge Capital at a valuation of $1.1 Bn.