Indian fintech Cash View stated on Monday it has raised $75 million in a brand new funding spherical, its second this 12 months, regardless of the market hunch because it appears to be like to scale its core credit score enterprise and construct extra merchandise within the South Asian market.
Apis Companions led Cash View’s Sequence E funding spherical, valuing the Bengaluru-headquartered startup at $900 million, up from $615 million in a $75 million Sequence D funding spherical in March. The startup stated in a press release that the spherical hasn’t closed and it expects to lift extra capital.
TechCrunch reported in October that Cash View was participating with traders to raise up to $150 million at a valuation of $1 billion. The startup stated right now that current backers Tiger International, Winter Capital and Evolence additionally participated within the funding.
The eight-year-old startup presents customized credit score merchandise and monetary administration options to prospects who in any other case don’t have a credit score rating and so can’t avail credit score from banks and different monetary establishments. India’s credit score bureau knowledge guide is skinny, making most people within the South Asian market unworthy of credit score. Fintechs use modern-age underwriting programs to lend to prospects and a maze of regulatory arbitrage — more and more getting closed — to function.
Money View is presently disbursing about $1.2 billion in loans, at an annualized-basis, and managing over $800 million, it stated. The startup, which says it has been worthwhile for the previous two years, clocked a revenue of $30.6 million and a revenue of $2.14 million within the monetary 12 months that resulted in March, in keeping with regulatory disclosure.
“Our efficiency and progress over the previous two years has allowed us to drive our mission of true monetary inclusion in India with nice success,” stated Puneet Agarwal, founder and chief govt of Cash View, in a press release. “We’re thrilled to have Apis Companions be a part of us in our journey and with their assist, we look ahead to turning into India’s main on-line credit score platform with progressive and holistic monetary options.”
Cash View plans to deploy the recent funds to develop its credit score enterprise, broaden its product portfolio with companies akin to digital financial institution accounts, insurance coverage, wealth administration and rent extra expertise, it stated.
Its new funding comes at a time when the dealflow exercise has slowed down dramatically within the South Asian market as traders develop cautious of writing new checks and consider their underwriting fashions after valuations of publicly listed corporations take a tumble.
“Cash View has achieved nice success already, with their credit score merchandise democratising the entry for hundreds of thousands of consumers in India, and we’re really excited to associate with the corporate at this stage of its journey,” stated Matteo Stefanel, Co-founder and Managing Companion at Apis Companions, in a press release.
