India fintech player Money View gets $75m Series D
Money View, an India-based financial technology start-up involved in lending, card issuance, and buy now, pay later products (BNPL), has raised US 75m in Series D funding at a valuation of USD 625m.
Investors include Tiger Global Management, Winter Capital, Evolvence India, Accel Partners, South Park Commons, Trusted Insight, and Dream Incubator. According to AVCJ Research, Tiger Global provided USD 4.5m in funding in 2015 and Accel participated alongside other unnamed investors in an INR 1bn (USD 13m) Series C in 2018.
The Series D continues a spate of investment activity in India’s consumer credit space, and in BNPL specifically. In the past six months, the likes of Mintifi, Uni, Simpl, and Capital Float have all won PE and VC support. There was also a funding round for M2P Fintech, an India-based provider of BNPL-enablement software.
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Money View offers a full suite of personalised credit products as well as personal financial management solutions. It claims to have proprietary data models that facilitate comprehensive risk assessment, thereby opening up credit lines for segments of the population that are underserved by traditional banks.
Prospective customers can check their eligibility within two minutes and then borrow IND 5,000 to INR 500,000, with flexible repayment terms of up to five years. Loans are disbursed to customers’ accounts no more than 24 hours after approval is granted.
The company has partnered with over 15 financial institutions to offer financial products on its platform. Monthly app downloads exceed 1m, with three-quarters of users coming from tier-two and tier-three cities. The new funding will go towards scaling the core credit business, expanding the team, and expanding into areas like digital banking, insurance, and wealth management.
Money View is disbursing loans at an annualised run rate of USD 700m and is on course to reach USD 1bn in assets under management within 12 months. It “has grown 4x year-over-year with strong unit economics and a track record of profitability,” according to a statement.
The Raine Group served as exclusive financial advisor to Money View for the Series D.
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