Money View expects to raise more capital despite a slowdown in startup funding.
India’s fintech startup Money View is valued at $900 million in the latest funding round. The online credit platform has raised $75 million in Series E funding led by Apis Partners, a UK-based asset manager.
This funding round saw participation from Tiger Global, Winter Capital, and Evolvence. Money View, which is headquartered in Bengaluru, was valued at $625 million in a $75 million Series D funding round in March.
The company said to use the proceeds to scale its core credit business, grow the team, and add its product portfolio with services such as digital bank accounts, insurance, and wealth management solutions.
Money View was formed in 2014 by Puneet Agarwal and Sanjay Aggarwal. The company offers personalized credit products like personal loans and financial management solutions to customers who do not qualify to borrow money from banks and other financial institutions due to weak credit scores.
“In a country of more than a billion people, only 10% are eligible for formal credit products. Our vision is to provide world-class financial products & services to those 90% of the underserved Indians,” the company’s website reads. “We’re making this possible through our AI-powered proprietary models that predict risk more accurately than traditional models used in the industry, thus ensuring right credit solutions are provided to the right users in a simplified manner!”
The company claims to be profitable for the past two years. The company said currently it has a disbursing rate of about $1.2 billion on an annualized basis and is managing over $800 million in assets under management.
Despite a slowdown in startup funding due to unfavorable factors like high inflation, interest rate hike in major world economies, and the ongoing Russia-Ukraine conflict, Money View expects to raise more capital. Reports, in October, have suggested that the company is deliberating with Apis Partners for a $150 million funding round at a unicorn valuation of $1 billion.
