Fintech start-up Money View bags $75 mn from Apis Partners, Tiger Global, others

Bengaluru-based fintech start-up Money View has secured $75 million in its ongoing Series E funding, led by Apis Partners, a UK-based asset manager that supports growth stage financial services and financial infrastructure businesses. Venture capital firms Tiger Global, Winter Capital and Evolvence have participated in the round. 

The funding round values the company at $900 million, taking it to the club of soonicorn start-ups which are likely to achieve a valuation of $1 billion in near future.  

Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal., Money View is an online financial services platform that provides personalized credit products and personal financial management solutions. With over 40 million app downloads, the company claims to be operating at an annualized disbursal run rate of $1.2 billion currently, managing AUMs of over $800 million. The company said it has been profitable for the past two years. 

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 such as digital bank accounts, insurance, and wealth management solutions, the company said in a statement. 

“Money View is one of the most innovative and successful digital credit businesses across our markets and the company has attained market leadership in India while delivering high profitability and a strong focus on ESGI principles. Money View’s strong track record speaks for itself, and we are confident that we will be able to celebrate more successes with the company in the coming months and years,”  Udayan Goyal, Co-founder and Managing Partner at Apis Partners, said. 

The funding announcement comes at a time when layoffs continue to rock the Indian business ecosystem. Layoffs have become rampant in the tech space including the start-up ecosystem which has been hit by a funding winter, owing to rising interest rates, tightening liquidity, and a slowdown in tech globally. Most start-up leaders reckon the tough macroeconomic environment could last for 12-18 months or even more.

Latest in the series is Amsterdam-based fintech giant PayU which said that it would lay off 6 per cent of its workforce in India, affecting around 150 employees. 

Since the beginning of 2022, Indian start-ups have laid off over 16,000 employees as per industry estimates. 

Several start-ups across verticals including Byju’s, Unacademy, Vedantu, Ola,  Chargebee, MPL, Meesho, Cars24 and Udaan have trimmed down their workforce as fears of further funding slowdown and looming recession force start-ups and technology companies cut down on employee strength, optimize costs and extend their capital runways long enough to survive this cycle of downturn. 

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