New York-HQed Tiger Global has driven investments in yet another Indian startup — Bengaluru-based Money View. The online financial services platform, after a fresh infusion of $75 million, is now valued at around $900 million.
Money View‘s ongoing Series E round saw the participation of existing investors Winter Capital and Evolvence alongside Tiger’s contribution and was led by UK-based asset manager Apis Partners. This follows the Series D round that Money View bagged recently, at which point in time it was valued at $625 million. It was also in talks with investors to raise up to $150 million.
At a valuation of about $900 million, Money View elevates itself to be grouped among the “soonicorns,” that is, startups that are in touching distance of the infamous $1 billion mark and joining the unicorn club. Considering that the funding round is not closed, Money View expects to nab more capital and enter the unicorn club.
While 2021 saw a record number of Indian startups evolve into unicorns – 44, thanks to the influx of impressive amounts of capital – this year has been unable to do an encore due to an economic downturn, fears of recession, and other adverse macroeconomic conditions. Nonetheless, the first half of the year saw the Indian startup ecosystem give birth to 14 new unicorns.
As per an official statement by Money View, the proceeds from the funding round will be deployed towards driving recruitment and scaling its core credit business. Funds will also be utilized as growth capital towards the expansion of its product portfolio to include insurance, wealth management solutions, digital bank accounts, and the like in the South Asian market. At present, it offers personalized credit products (such as BNPL and personal loans) and personal financial management solutions, especially to those who cannot avail of credit from banks due to the lack of a credit score.
“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, co-founder, Money View. “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.”
“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, Co-founder and Managing Partner at Apis Partners. The statement informs that it has been unit economic positive since its inception and has been profitable for the past two years, and today, it has over $800 million in Assets Under Management (AUM). It adds that the eight-year-old Money View is currently operating at an annualized disbursal run rate of $1.2 billion.