Online credit platform Money View has raised $75 million in its ongoing Series E funding led by Apis Partners, a UK-based asset manager. The round also saw participation from Tiger Global, Winter Capital, and Evolvence.
According to Money View, it is now valued at $900 million. The Bengaluru-based company was valued at $625 million during the Tiger Global-led Series D round in March this year. it was reportedly in talks to raise around $150 million at a unicorn valuation.
The proceeds will be used to scale the core credit business, grow the team, and expand its product portfolio with services such as digital bank accounts, insurance, and wealth management solutions, the company said in a press release.
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Money View offers personalised credit products like instant personal loans, cards, BNPL, and personal financial management solutions. It has partnered with over 15 financial institutions for its credit offerings.
With over 40 million app downloads, Money View claims to be operating at an annualized disbursal run rate of $1.2 billion (Rs 9,800 crore). According to the company, it has been unit economic positive since inception and has been profitable for the past two years.
In FY22, the firm demonstrated strong business growth with a four-fold jump in revenue to Rs 253 crore. As per Fintrackr’s analysis, sourcing and processing fees collected from the financing partners remained the largest source of revenue for the company. It posted a profit of Rs 17.7 crore in the last fiscal as compared to Rs 46.8 crore loss in FY21.
Money View competes with KreditBee and Sachin Bansal-led Navi. While KreditBee recently secured $80 million as a part of its ongoing Series D round, Navi is gearing up for its initial public offering. The company has already received approval from market regulator SEBI for the proposed IPO.
Source @Entrackr
