[Funding Alert] Fintech Startup MoneyView raises $75 Mn Series E Funding

MoneyView

Money View, a Bengaluru-based fintech firm operated by WhizDM Innovations, raised $75 million (approximately INR 621 crore) in a Series E capital raise round from UK-based asset manager Apis Partners on Monday, valuing the firm at $900 million.

Existing investors Tiger Global, Evolvence, and Winter Capital also participated in the round, according to a release from the fintech firm.

The funds raised will be used to scale its core credit operations, expand its product portfolio to include services such as digital bank accounts, insurance, and wealth management, and increase hiring.

Money View, based in Bengaluru, was founded in 2014 by Puneet Agarwal and Sanjay Aggarwal. With $800 million in assets under management, the soonicorn provides personalised credit and personal finance products.
The company claims to have a $1.2 billion annual credit disbursal run rate, as well as positive unit economics and net profitability on its books.

This round follows the fintech platform’s Series D funding round in March, when it raised another $75 million from Evolvence and Winter Capital, as well as Tiger Global and Accel. Following the capital raise, it was valued at $625 million.

The company claims to have collaborated with over 15 financial institutions, with over 40 million app downloads.

According to its filing with the Registrar of Companies, Money View reported a 4x increase in revenue from operations in FY22, with a net profit of INR 17.7 crore compared to a net loss of nearly INR 47 crore in FY21.

WhizDM Innovations competes with companies such as LazyPay, Simpl, ZestMoney, and Capital Float.

According to a report published in August by VC firm Chiratae Ventures and consultancy firm Ernst&Young, India’s fintech industry is expected to grow tenfold by 2030, reaching $1 trillion in assets under management (AUM) and $200 billion in revenue.

According to a report by market intelligence platform Tracxn, amid the so-called funding winter, fintech emerged as one of the winners as investors relatively infused more capital in the space. Despite the relatively better sentiment, funding in the fintech space fell 57 per cent year on year in 2022, according to the report.

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