India-focused neobank Stashfin raises $270m
Stashfin, a Singapore-based neobank that primarily operates in India, has raised USD 70m in equity funding – and secured a further USD 200m in debt – as part of a Series C round.
Uncorrelated Ventures, Abstract Ventures and Fasanara Capital came in as new investors, while there were re-ups from the likes of Altara Ventures, Tencent Holdings, Kravis Investment Partners, and Snow Leopard. The company is now valued at USD 700m-USD 800m.
According to AVCJ Research, Stashfin received initial equity funding of USD 5m in 2017 from Alto Partner, Snow Leopard, and unnamed individual investors. A debt round followed two years later and then there was an equity injection of USD 40m in 2021 featuring Altara, Uncorrelated, Integrated, Kravis Investment, Saison Capital, Tencent, Alto, Snow Leopard, and Positive Moves.
Stashfin was established in 2016 by a team of financial services professionals. It claims to be dedicated to disrupting traditional lending in India with a focus on borrowers that tend to be overlooked by mainstream banks. Loans are in the INR 1,000-INR 500,000 (USD 13-USD 6,400) range, with tenors of 3-36 months. Repayments are made electronically, in equal monthly instalments.
Loans have been issued to more than 10m customers to date, with aggregate monthly disbursements of INR 4bn-INR 5bn. The new capital will be used to expand operations in South and Southeast Asia and introduce new products.
“The fundraise is a key milestone in this challenging macro environment. We are now at the cusp of transforming into a compound start-up, offering multiple financial products for consumers with a wide spectrum of credit risks," Tushar Aggarwal, founder and CEO of Stashfin, told Mint.
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