Indian fintech Cash View stated on Monday it has raised $75 million in a brand new funding spherical, its second this 12 months, regardless of the market stoop because it seems to scale its core credit score enterprise and construct extra merchandise within the South Asian market.
Apis Companions led Cash View’s Collection E funding spherical, valuing the Bengaluru-headquartered startup at $900 million, up from $615 million in a Collection D funding spherical in March. The startup stated in an announcement that the spherical hasn’t closed and it expects to lift extra capital.
Fintech reported in October that Cash View was partaking with buyers to lift as much as $150 million at a valuation of $1 billion. The startup stated right this moment that current backers Tiger World, Winter Capital and Evolence additionally participated within the funding.
The eight-year-old startup affords customized credit score merchandise and monetary administration options to clients who in any other case don’t have a credit score rating and so can’t avail credit score from banks and different monetary establishments. India’s credit score bureau knowledge e-book is skinny, making most people within the South Asian market unworthy of credit score. Consequently, banks don’t provide bank cards or loans to most Indians. Fintechs use modern-age underwriting programs to lend to clients and a maze of regulatory arbitrage — more and more getting closed — to function.
Cash View is at present disbursing about $1.2 billion in loans, at an annualized-basis, and managing over $800 million, it stated. The startup says it has been worthwhile for the previous two years.
“Our efficiency and development over the previous two years has allowed us to drive our mission of true monetary inclusion in India with nice success,” stated Puneet Agarwal, founder and chief government of Cash View, in an announcement. “We’re thrilled to have Apis Companions be part of us in our journey and with their help, we look ahead to changing into India’s main on-line credit score platform with revolutionary and holistic monetary options.”
Cash View plans to deploy the contemporary funds to develop its credit score enterprise, broaden its product portfolio with providers corresponding to digital financial institution accounts, insurance coverage, wealth administration and rent extra expertise, it stated.
Its new funding comes at a time when the dealflow exercise has slowed down dramatically within the South Asian market as buyers develop cautious of writing new checks and consider their underwriting fashions after valuations of publicly listed companies take a tumble.
“Cash View has achieved nice success already, with their credit score merchandise democratising the entry for thousands and thousands of shoppers in India, and we’re actually excited to associate with the corporate at this stage of its journey,” stated Matteo Stefanel, Co-founder and Managing Accomplice at Apis Companions, in an announcement.