FinTech News

FinTech Money View Nears Unicorn Status with $75 Million Round

An India-based FinTech is closing out the year by announcing its second significant funding round of 2022. As TechCrunch reports, Money View has raised a $75 million round. The Series E was led by Apis Partners with existing investors Tiger Global, Winter Capital, and Evolence also participating. However, Money View notes that the round is not yet closed and it expects to add to this latest total.

This follows a $75 million Series D that the startup closed in March. To date, the company has raised a total of $183 million. Also notable is that the latest round values the FinTech at $900 million, putting it closer to “unicorn” status. That valuation is also up significantly from the $615 million that it raised its Series D at.

Money View is FinTech that offers personal loans aimed at those who might not qualify for such credit products from traditional banks. Rather than focusing on credit scores, Money View’s underwriting system factors in employment type, monthly income, and other elements. According to TechCrunch, the company is currently disbursing around $1.2 billion in loans on an annualized basis. With the new round of funds, the startup says it plans to add to its offerings, including launching digital banking accounts, insurance products, and more.

In a statement announcing the funding round, Money View founder and CEO Puneet Agarwal said, “Our performance and growth over the past two years has allowed us to drive our mission of true financial inclusion in India with great success. We are thrilled to have Apis Partners join us in our journey and with their support, we look forward to becoming India’s leading online credit platform with innovative and holistic financial solutions.”

Additionally, Apis co-founder and managing partner Matteo Stefanel said of the startup, “Money View has achieved great success already, with their credit products democratizing the access for millions of customers in India, and we are truly excited to partner with the company at this stage of its journey.”

While Money View serves the Indian market, its premise is in line with what a number of American FinTechs have sought to offer. For example, companies such as TomoCredit and Petal (among others) have boasted proprietary algorithms that buck conventional credit underwriting models.

With that said, TechCrunch points out that the need for such products is even greater in the South Asian market where credit bureau data is thin, leaving many in the region to be considered “un-creditworthy.” That could help explain why Money View has gained such interest from investors as of late. Now, with the company looking ahead to 2023 and already planning more for more funds to come flowing in, it seems inevitable that the company will indeed become a unicorn in due time.