On Monday, financial services platform Money View raised $75 million in an ongoing Series E funding round led by UK-based asset manager Apis Partners, with participation from Tiger Global, Winter Capital and Evolvence.
The fintech startup is now valued at $900 million, up from a $625 million valuation in March 2022 when it raised its Series D round. The fintech company has raised $183 million, including this round. The Raine Group acted as the exclusive financial advisor to Money View in 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 such as instant personal loans, credit cards, BNPL and personal financial management solutions. The startup works with several financial institutions to offer credit and financial products on its platform.
The fintech company currently claims to have over 40 million app downloads and an annualised spend run rate of $1.2 billion. It also claims to manage over $800 million in AUM now. According to its statement, Money View has achieved unit economics since its inception and has been profitable for the past two years.
Proceeds from the financing will be used as growth capital to expand its core credit business, grow its team and broaden its product portfolio with services such as digital bank accounts, insurance and wealth management solutions.
Money View’s $75 million late-stage round is a rarity in the Indian startup ecosystem, which has recently endured a harsh funding winter mainly due to inflationary pressures and a plunge in listed tech stocks in domestic and foreign markets.
A December report by private market tracker Traxcn showed that investment in Indian startups fell 35% year-on-year to $24.7 billion, primarily due to a drop in late-stage funding. Indian startups reportedly raised around $37.2 billion in funding last year.
In FY 2022, late-stage startup funding fell sharply by 45% year-over-year to $16.1 billion, compared to $29.3 billion in FY21. Likewise, investment in seed-stage startups in 2022 will drop by about 38% year-over-year. However, startup verticals, including retail, fintech and enterprise applications, are the frontrunners to attract investor interest in 2022 amid slowing funding.