Money View said on Monday that it has raised $75 million in a new funding round, despite the market slump as it looks to scale its core credit business and build more products in the South Asian market.
Money View was valued at $900 million in the Series E round, up from $615 million in the Series D round. The startup said in a statement that it plans to raise more capital.
Money View was trying to raise up to $150 million at a valuation of $1 billion, according to a report. Tiger Global, Winter Capital and Evolence were involved in the funding.
The eight-year-old startup offers personalized credit products and financial management solutions to customers who can't get credit from banks and other financial institutions. Most people in the South Asian market are not worthy of credit because of India's credit bureau data book. Fintechs use modern-age systems to lend to customers and a maze of regulatory arbitrage to operate.
Money View is currently disbursing over a billion dollars in loans at an average annual rate. In the financial year that ended in March, the startup had a revenue of $30.6 million and a profit of $2.14 million.
Money View's performance and growth over the past two years has allowed them to drive their mission of financial inclusion in India. With their support, we look forward to becoming India's leading online credit platform with innovative andholistic financial solutions.
Money View plans to use the new funds to grow its credit business, broaden its product portfolio with services such as digital bank accounts, insurance, wealth management and hire more talent.
The dealflow activity has slowed down dramatically in the South Asian market as investors grow cautious of writing new checks after valuations of publicly listed firms take a tumble.
"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."
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