Indian fintech Money View lands $75m Series D funding
Indian fintech start-up Money View has raised $75 million in a Series D funding round, valuing the company at $625 million.
The round saw participation from Tiger Global, Winter Capital, Evolvence India and Accel, among others.
Co-founded by Puneet Agarwal and Sanjay Aggarwal, Money View is an online credit platform that offers personalised credit products including personal loans, cards, personal financial management and buy now, pay later (BNPL) solutions.
The Bangalore-based fintech has partnered with more than 15 financial institutions to provide credit and financial services products on its platform.
Money View says that only 10% of Indians have access to credit products. It claims its proprietary data models provide a 360-degree risk assessment, enabling it to lend credit to underserved customers in India.
“Our mission is to solve this credit-gap and provide access to credit to every Indian that has a smartphone and a bank account, thus contributing towards creating a financially inclusive and self-reliant India,” the company says.
The cash will be used as growth capital to scale its core credit business, expand its workforce and build out its product portfolio with services such as digital bank accounts, insurance and wealth management solutions.
Money View claims its app has more than a million monthly downloads and serves more than 200 million underbanked Indians, with 75% of its user base residing in underdeveloped so-called Tier 2 and Tier 3 cities and regions.
The company says it is disbursing loans worth $700 million a year and is on a trajectory to reach $1 billion in assets under management over the next 12 months.