Bengaluru, India-based fintech platform Money View has grabbed $75 million in a series D funding. The financing round was led by Tiger Global (that invested in Weee, Weavr, etc.), Winter Capital, Evolvence India and Accel along with other investors.
With this round, Money View is now valued at $625 million. 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.
Money View’s latest investment comes at a time when competition in the fintech sector is getting fierce in the country. Notably, there was a surge in the demand for digital adoption during the pandemic.
Provides access to financial services
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Money View aims to provide access to credit to every Indian with a smartphone and a bank account. It does this with a suite of financial products backed by data and technology.
The online credit lending platform 9ffers a full suite of personalised credit products like instant personal loans, cards, BNPL and personal financial management solutions. The company has partnered with over 15 financial institutions to offer credit/financial products on its platform.
With a series of financial products in the pipeline, Money View is aiming to disrupt the fintech market in India.
Witnessed massive growth
With over 1 million monthly app downloads, Money View is catering to over 200 million underserved customers in the country who are often ignored by banks and other financial institutions for their financial needs.
Money View’s robust digital technology and frictionless user experience allows pan India reach with 75% of the users coming from Tier 2/3 cities. The company’s proprietary data models provide a 360-degree risk assessment, enabling credit for the underserved segments.
Money View has grown by over 4x year-over-year with strong unit economics and track record of profitability. The company is disbursing loans at an annual run rate of $700 million and is on a trajectory to reach $1 billion AUM over the next 12 months.
Money View Advantage Card
After revolutionising personal loans with its products, Money View, which believes that everyone should have access to financial services, launched the Money View Advantage Card last month. This card offers all the benefits of a personal loan and a credit line card in just one pocket-friendly product.
Certain cards are synonymous with a luxury lifestyle. While they come with a number of benefits, the eligibility criteria is quite stringent. But the card from the Indian fintech brings a better option.
The Money View Advantage Card is a credit line card, which comes with a pre-approved limit that can be used for a multitude of purposes such as shopping, purchasing goods, paying bills, etc. Loaded with benefits such as 0% interest payment period up to 40 days and affordable EMIs, this card can be used for offline purchases, and UPI or QR code scanning as well.
Some advantages of using the Money View Advantage Card include instant activation, Buy Now, Pay Later options, affordable EMIs, no joining or annual fee to maintain the card, pre-approved limit of Rs. 2 Lakh and easier spending options. To summarise, the Money View Advantage Card is accessible, affordable, and loaded with multiple benefits and features.