Neobank platform Stashfin raises $270 million in the Series C round of funding
- ByStartupStory | June 22, 2022
Stashfin, a NeoBanking business, gets $270 million in a round of loan and equity headed by Uncorrelated Ventures, Fasanara Capital, and Abstract Ventures. For Stashfin, this is the first fundraising round of the year. It has been valued between $700 and $800 million. Altara Ventures, Kravis Investment Partners, and Snow Leopard are some of its current backers.
According to a press statement from the firm, Stashfin will use the cash to enhance its technology and extend its market reach in Southeast and South Asia. In a Series B financing round headed by Altara Ventures and Uncorrelated Ventures in April 2021, Stashfin has received $40 million. To far, it has raised close to $320 million in debt and equity.
In collaboration with payment network provider VISA, Stashfin founded in 2016, provides a credit line card. A wide range of digital payment infrastructure, including point-of-sale devices, mobile wallets, and internet payment gateways, are accessible to credit through the company’s physical and virtual cards.
With an annualised revenue run rate (ARR) of $100 million, Stashfin boasts a 10X growth in the previous year. Since its launch, it has approximately 10 million clients registered on its platform.
According to the company’s annual financial statement submitted to the Registrar of Companies, although StashFin is incorporated in Singapore, its Indian entity’s operational revenue decreased by 50.3%, from Rs 16.7 crore in FY20 to Rs 8.3 crore in FY21 (RoC). While this was happening, the company’s yearly losses increased by 117.2% to Rs 13.4 crore in FY21 from Rs 6.17 crore in FY20.
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