The company presently manages AUMs of over $800 million and runs at a yearly disbursal run rate of $1.2 billion with over 40 million app downloads. The business’s most recent INR 100 crore round of funding took place in December 2018, with Accel participating.
Evolvence, Tiger Global, and Winter Capital also participated in the round. To strengthen its leading position, the raised money will be utilized as growth capital to increase the company’s core credit business, expand the team, and add new services to its product offerings, such as digital bank accounts, insurance, and wealth management solutions.
“Our performance and growth over the past two years have allowed us to drive our mission of true financial inclusion in India with great success,” cofounder Puneet Agarwal said.
Money View provides personalized credit products
Money View, a platform for online financial services, was established in 2014 and offered solutions for managing personal finances and customized credit products.
According to the statement, the finance firm has been profitable for the past two years and economically positive since its foundation.
The eight-year-old startup’s customized credit products and financial management services are now available to customers who would otherwise lack a credit score and be unable to receive credit from banks and other financial institutions.
The vast majority of South Asians are credit-ineligible due to India’s limited credit bureau data book. Modern underwriting tools and a regulatory arbitrage that is progressively being addressed are how fintech operates to lend to customers.
According to its annual financial report filed with the Registrar of Companies, Money View reported operating revenue of INR 253 crore, growing four times year over year (ROC).
“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,” said Matteo Stefanel, cofounder and managing partner at Apis Partners.