India-Based company Money View announced on Monday an additional $75 million to their funding round, which is led by Asset Manager in the United Kingdom. The funds will be used as growth capital to scale the core credit of the business.
CINCINNATI, OH - JULY 13: Ozzie Smith uses Apple Pay at the Home Run Derby at Great American Ball Park on July 13, 2015 in Cincinnati, Ohio. (Photo by Duane Prokop/Getty Images for MasterCard)
Duane Prokop/Getty Images for MasterCard
(Photo : Duane Prokop/Getty Images for MasterCard) CINCINNATI, OH - JULY 13: Ozzie Smith uses Apple Pay at the Home Run Derby at Great American Ball Park on July 13, 2015 in Cincinnati, Ohio.
Raising $75 Million in New Funding Round
Money View raised an additional $75 million in its Series E funding round, which is already the company's second for this year. Entrepreneur reported that with Apis Partners, the company already values at $900 million.
Chief Executive Officer Puneet Agarwal stated, "Our performance and growth over the past two years has allowed us to drive our mission of true financial inclusion in India with great success. We are thrilled to have Apis Partners join us in our journey and with their support, we look forward to becoming India's leading online credit platform with innovative and holistic financial solutions."
Currently, the application has already reached 40 million uploads, at the same time, it operates an annualized disbursal run rate of $1.2 billion with managing AUMS of $800 million. The app has been very positive when it comes to performing to some.
They also earned profit for the past two years. As of now, TechCrunch the company is valued at $900 million. Apis Partner Co-Founder and Managing Partner Matteo Stefanal thanked its employees who have been working with this project, including Puneet, Sanjay and the whole team.
He added, "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."
Funding
The funding that has been raised will be used as growth capital to scale the core credit in business, a much-improved team, and an enhanced portfolio including different services like digital bank accounts, insurance, and wealth management solutions, as they strengthen the position of their leadership.
What Does the App Do?
Money View is offering several services for its contestants. Along with this are personalized credit products and management solutions for financials. Knowing that India's credit bureau books are thin, people from South Asia will feel unworthy of their credit.
Through this application, it lends customers underwriting systems and several options of regulatory arbitrage to operate.
For the past two years, Money View already earned a revenue of $30.6 million with a profit of $2.14 million in the financial year last March. Economic Times reported that this company was founded in 2014 and is currently the leading online financial services platform with credit products personalized for you and a solution for personal financial management.
While the company looks out for new funding, Money View dealt with the slowed-down activity in the South Asian market as several investors became cautious about evaluating their models after the valuations of struggling companies.
