Fintech Money View valued at $900mn in latest funding round
Amid the slump in start-up funding, Indian fintech firm Money View has raised $75 million in its Series E funding round. In the round led by Apis Partners, the Bengaluru-based company was valued at $900 million. This is the firm's second funding round this year. The current funding round is yet to close, and the company aims to raise more capital.
Why does this story matter?
- Financial inclusion is an important factor that aids in a country's growth.
- For a country like India, where there is a significant amount of people who are still reeling under poverty, financial inclusion and credit availability are their tickets to a better life.
- Fintechs provide innovative and accessible solutions to those who are avoided by traditional financial institutions, which is important for India's growth.
The company was previously valued at $615 million
In Money View's latest funding round, existing backers Tiger Global, Evolvence, and Winter Capital were also involved. The new valuation is the highest for the start-up. In the Series D round held in March, the company had raised $75 million at a valuation of $615 million. Raine Group was the firm's financial advisor for this funding round.
Money View has disbursed $1.2 billion in loans
Money View was founded in 2014 by Puneet Agarwal and Sanjay Aggarwal. It offers personalized credit products and financial management solutions to those who don't have credit scores. Lack of a credit score makes it impossible for many to get loans from traditional banks. The firm has disbursed $1.2 billion in loans on an annualized basis and is managing over $800 million in assets.
The start-up has been profitable for two years
Money View has been profitable for two years, it said in a statement. Per its annual financial report, the start-up made a revenue of $30.6 million and a profit of $2.14 million in the financial year that ended in March. The new funds will be used to grow its credit business, expand its product portfolio, and grow the team.
Money View's mission is true financial inclusion in India: CEO
"Our performance and growth over the past two years have allowed us to drive our mission of true financial inclusion in India with great success," said Puneet Agarwal, the company's co-founder, and CEO. "Money View has achieved great success already, with their credit products democratizing the access for millions of customers in India," said Matteo Stefanel, co-founder and managing partner at Apis Partners.