Financial services paltform Money View (“the Company”) on Monday raised $75 million in its ongoing Series E funding led by Apis Partners, a UK-based asset management firm that invests in growth-stage firms along with participation from Tiger Global, Winter Capital and Evolvence.
The fintech startup is now valued at $900 million, up from its earlier valuation of $625 million in March 2022, when it raised money in a Series D funding round. To date, the fintech firm has raised $183 million, including the current round. The Raine Group acted as the exclusive financial advisor to Money View for its funding round.
Co-founded by Puneet Agarwal and Sanjay Aggarwal in 2014, Money View is a fintech platform that offers a full suite of personalised credit products like instant personal loans, cards, BNPL and personal financial management solutions. The startup partners with multiple financial institutions to offer credit and financial products on its platform.
The fintech currently claims to have over 40 million app downloads with an annualised disbursal run rate of $1.2 billion. It also claims to currently manage an AUM of over $800 million. According to its statement, Money View achieved unit economic positive since inception and has been profitable for the past two years.
The proceeds of this capital-raise will be used as growth capital to scale the core credit business, grow the team and expand its product portfolio with services such as digital bank accounts, insurance, and wealth management solutions.
“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 and with their support, we look forward to becoming India’s leading online credit platform with innovative and holistic financial solutions,” said Puneet Agarwal, CEO of Money View.
“Money View is one of the most innovative and successful digital credit businesses across our markets and the company has attained market leadership in India while delivering high profitability and a strong focus on ESGI principles. Money View’s strong track record speaks for itself, and we are confident that we will be able to celebrate more successes with the company in the coming months and years” added Udayan Goyal, co-founder and managing partner at Apis Partners.
Money View’s $75-million late-stage funding is a rare occurrence in the Indian startup ecosystem, which has lately witnessed a harsh funding winter mainly due to inflationary pressures and the rout in public tech stock in both domestic and foreign markets.
Funding into Indian startups dipped by around 35% y-o-y to $24.7 billion mostly due to a decline in late-stage funding, a report from private market tracker Traxcn showed in December. According to the report, Indian startups raised about $37.2 billion in funding last year.
In CY2022, late-stage startup funding dipped sharply by 45% y-o-y to $16.1 billion compared to $29.3 billion in CY2021. Similarly, funding into seed-stage startups also declined by about 38% y-o-y in 2022. However, amid the funding slowdown, startup verticals, including retail, fintech and enterprise applications emerged as frontrunners attracting investor interest in 2022.