Indian fintech Money View valued in excess of $900 Million in new funding

Money View, an Indian fintech, announced Monday that it had raised $75 million in a second round of funding. This was despite the market slump. It is looking to expand its core credit business and create more products for the South Asian market.

Apis Partners led Money View’s Series E funding round, valuing the Bengaluru-headquartered startup at $900 million, up from $615 million in a Series D funding round in March. The startup said in a statement that the round hasn’t closed and it expects to raise more capital.

TechCrunch reported October that Money View was engaging investors. raise up to $150 million at a valuation of $1 billion. The startup stated today that existing backers Tiger Global (Winter Capital) and Evolence were also involved in the funding.

The startup, which is eight years old, offers customized credit products and financial services to customers with low credit scores who cannot get credit from banks. India’s credit bureau data book is thin, making most individuals in the South Asian market unworthy of credit. As a result, banks don’t offer credit cards or loans to most Indians. Fintechs use modern-age underwriting systems to lend to customers and a maze of regulatory arbitrage — increasingly getting closed — to operate.

Money View disburses approximately $1.2 billion in loans annually and manages more than $800 million. The startup claims it has been profitable in the last two years.

“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,” said Puneet Agarwal, founder and chief executive of Money View, in a statement. “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 said it plans to use the new funds to expand its credit business, increase its product portfolio, and hire more people.

Its new funding comes as dealflow activity slows down in South Asian markets. After the fall in valuations of publicly-listed firms, investors become more cautious about writing checks and evaluate their underwriting model.

“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, in a statement.