Tiger Global-backed fintech startup Money View secures $75 mn in Series D round
1 min read . Updated: 09 Mar 2022, 12:56 PM IST
Premium- The fresh funding will be used as growth capital to scale the core credit business, grow the team, and expand its product portfolio with services like digital bank accounts, insurance, and wealth management solutions
New Delhi: Bengaluru-headquartered fintech platform Money View, operated by Whizdm Innovations Pvt Ltd, has raised $75 million ( ₹576 crore) in its series D round of funding, valuing the company at $625 million.
With this round, Moscow-based Winter Capital and Evolvence India have come on board as new investors. The company’s existing investors- Tiger Global and Accel participated in this round.
“The fresh funding will be used as growth capital to scale the core credit business, grow the team, and expand its product portfolio with services like digital bank accounts, insurance, and wealth management solutions," the spokesperson said.
Co-founded by Puneet Agarwal and Sanjay Aggarwal, Money View is a leading online credit platform that offers a full suite of personalized credit products like instant personal loans, cards, BNPL and personal financial management solutions. The company has partnered with over 15 financial institutions to offer credit/financial products on its platform.
The company, operated by Whizdm Innovations Pvt Ltd, claims it has over 1 million monthly App downloads and catering to 200+million underserved customers.
The startup’s robust digital technology & frictionless user experience allows pan India reach with 75% of the users coming from Tier 2/3 cities. The company’s proprietary data models provide a 360-degree risk assessment, enabling credit for the underserved segments.
Money View is said to have grown 4x year-over-year with strong unit economics and track record of profitability. The company is disbursing loans at an annualized run rate of $700 million and is on a trajectory to reach $1 billion AUM over the next 12 months.
Money View’s fundraise comes at a time when competition in the fintech space is rising in India. The Covid-19-induced restrictions have accelerated the demand for digital adoption.
Many companies in the fintech space catering to various needs and sectors have raised millions of dollars to capitalize on the rising digital adoption. To be sure, India has minted as many as eight unicorns since 2021 in the fintech space. This year Perfios became the first fintech startup to join the coveted club.
