Moneyview Joins Unicorn Club with New Funding, Acquires Employee Benefit Startup Jify

• ByStartupStory     |    September 13, 2024

Bengaluru-based consumer lending platform, Moneyview, has officially joined the prestigious unicorn club following its latest funding round, with a valuation now exceeding $1 billion. The round saw the participation of existing investors Accel India and Nexus Venture Partners. With this fresh influx of capital, the Tiger Global-backed firm has also acquired employee benefit startup Jify, marking a significant expansion in its services.

Jify, a Mumbai-based startup, partners with corporations to offer employees real-time, zero-cost access to their salaries in advance. The startup had raised $10 million in a funding round from Accel and Nexus in June last year and is also backed by investors including Amica Financial Technologies, VCAPL, and Qed Innovation Labs.

The acquisition deal between Moneyview and Jify was structured as a share swap, with Jify’s existing investors, Accel and Nexus, being allotted shares in Moneyview.

Moneyview’s board also approved a special resolution to issue 60,23,382 equity shares at Rs 64.15 per share, raising Rs 38.64 crore (approximately $4.65 million), as per Registrar of Companies (RoC) filings. Following this issuance, the company’s valuation now stands at Rs 10,086 crore, or approximately $1.2 billion. This marks a sharp rise from its previous valuation of $900 million in December 2022, when Tiger Global led a $75 million funding round.

This deal is expected to significantly boost Moneyview’s financial services platform by expanding into employee-focused solutions, enabling the company to strengthen its offerings across credit, savings, and investment products. Additionally, the acquisition will help the company deepen its reach into the financially underserved workforce.

Founded by Puneet Agarwal and Sanjay Aggarwal a decade ago, Moneyview offers a range of financial products including personal loans, home loans, credit cards, motor insurance, and loans against property. The firm operates NBFC Whizdm Finance Private Limited (WFPL) and partners with other financial institutions such as DMI Finance, Northern Ark, Incred Finance, Vivitri, and Oxyzo.

In the financial year 2022-23, Moneyview’s operating revenue surged by 2.6X to Rs 577 crore, while profits skyrocketed 27X to Rs 163 crore. As of April 2024, the firm had disbursed over Rs 12,000 crore in loans, and its FY24 financials are expected to further underscore its growth.

In a statement regarding the acquisition, a spokesperson for Moneyview said:
“This acquisition will enable us to enhance our financial services platform by expanding into employee-focused solutions, strengthening our offerings across credit, savings, and investment products, while deepening our reach into the financially underserved workforce.”

TheKredible, a startup intelligence platform, confirmed Moneyview’s post-allotment valuation at Rs 10,086 crore ($1.2 billion).

In 2024, Moneyview is one of six startups to have achieved unicorn status, joining Krutrim, Perfios, Porter, Rapido, and Ather. The fintech-NBFC sector has seen increased investor interest over the past six months, with companies like FlexiLoan securing Rs 290 crore and others like Mintifi and Sarvagram currently in talks for fresh funding. This interest comes as fintechs with NBFCs leverage tech-driven growth and regulatory clarity to scale their operations.

Follow Startup Story