Fintech startup Money View raises $75 million from Tiger Global and others
- ByStartupStory | December 26, 2022
Money View, a fintech company run by WhizDM Innovations Pvt Ltd, raised $75 million (about Rs. 621 crore) from UK-based asset manager Apis Partners on Monday, valuing the company at $900 million. The fintech company said in a release that existing investors Tiger Global, Evolvence, and Winter Capital also took part in the round. The money raised will be used to scale its core credit operations, increase hiring, and broaden the product line to include services like digital bank accounts, insurance, and asset management.
Sanjay and Puneet Agarwal created Bengaluru-based Money View in 2014. With $800 million in assets under control, the soonicorn or soon to be unicorn offers individualised credit and personal finance products.
According to the company, it disburses $1.2 billion in loans annually and has net profitability and favourable unit economics on its records.
The fintech platform had raised $75 million in its Series D round of funding in March, adding Evolvence and Winter Capital as investors and including Tiger Global and Accel as well. After the capital raise, it was valued at $625 million.
According to reports, the company has over 15 financial partners and over 40 million application downloads.
According to its statement with the Securities and Exchange Commission, Money View recorded a 4 times increase in its revenue from operations in FY22, with a net profit of 17.7 crore compared to a net loss of approximately 47 crore in FY21.
LazyPay, Simpl, ZestMoney, Capital Float, and other rivals are in WhizDM Innovations’ league.
In a report released in August, venture capital (VC) firm Chiratae Ventures and consulting firm Ernst&Young predicted that India’s fintech sector would develop ten times faster than the global average by 2030, reaching assets under management (AUM) of $1 trillion and revenues of $200 billion.
Fintech was one of the winners during the so-called fundraising winter as investors substantially invested more money in the sector, according to a report by market intelligence platform Tracxn. Despite the generally improving mood, it was reported that fintech financing fell 57% year over year in 2022.
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