Money View raised $75 million from Tiger Global, and others
Online financial services provider, Money View said it has raised $75 million in a fresh round of funding from Tiger Global, Winter Capital, Evolvence India, and Accel.
Other investors including South Park Commons, Trusted Insight and Dream Incubator also participated in the current round, the company said in a prepared statement on Wednesday.
With the current fundraise, the company is now valued at $625 million.
According to the company, the fresh funding will be used as growth capital to - scale the core credit business, grow the team, and expand its product portfolio with services like digital bank accounts, insurance, and wealth management solutions.
Founded in 2014, Money View provides personal loans, as well as buy-now-pay-later (BNPL) products worth up to Rs 5 lakh, to individuals. It also offers personal financial management solutions to end consumers. For its credit offerings, the Bengaluru-based fintech has partnered with over 15 financial institutions.
The company had last raised Rs 100 crore back in December 2018, with Accel participating as a part of the round.
At present, Money View claims to witness over 1 million app downloads every month and caters to 200 million users, it said. In addition, 75% of its overall user base comes from Tier 2 and 3 cities.
Over the last year, Tiger Global has been bullish towards the lending segment in India. In June last year, it backed Sequoia-backed Progcap, which provides loans to retailers. It also invested in fintech and banking infrastructure provider, M2P Fintech. Tiger’s neo-banking portfolio in India also includes Jupiter and Niyo.
According to Money View, it has grown four-fold and is disbursing loans at an annualised run rate of $700 million. The company is now looking to touch $1 billion in assets under management over the next 12 months.
The company also claims that it is on track to achieve profitability. Other investors in Money View includes Ribbit Capital, among others.