Moneyview is a money or loan lending platform that has secured $30 million in its first major debt funding round. The company plans to use this fresh capital to scale its operations, expand its network, enhance its platform, improve its marketing efforts, and develop market presence. MoneyView offers a platform that provides both efficiency and speed in the money lending process helping users to make faster and more efficient transactions.
The board has approved a special resolution to allot nonconvertible debentures worth 30 million USD. According to the company filing, the startup will use these fresh proceeds for growth, working capital purposes, and market expansion. The startup provides an online platform for personal loans based on credit assessments. The platform also offers tools for wealth and expense management. The startup provides a financial services platform that uses various technologies to offer its customers financial advisory, transaction capabilities, and access to loaning services. The company has secured around 190 million USD across multiple funding rounds since its inception, including 75 million USD raised from Apis Partners during its series E funding round. The company reported a valuation of 900 million USD during its last funding round.
The startup provides personal and home loaning options with credit cards, motor insurance, credit score viewing, and loan against property options. The company offers credit to its customers through its nonbanking finance company, Whizdm Finance. Money View claims to have provided loans worth Rs 1,2000 crore since 2014. The company receives investments from investors including Winter Capital, Ribbit Capital, Apis Partners, and Evolvence. The Bengaluru startup faces competition from other lending platforms such as CASHe, Kissht, and Branch.
The startup data intelligence platform, thekredible mentioned Accel as the largest external stakeholder of the firm with 22.8 percent followed by Tiger Global with 12 percent. The co-founders of the firmPuneet and Sanjay Aggarwal account for 24 percent of the firm’s share. Moneyview reported a 2.5 Times increase in its operational revenue to Rs 577 crore in FY23. However, the profit mounted two times to Rs 163 crore in the same duration. This startup aims to raise $50 to $60 million and join India’s unicorn club. The round is expected to have the participation of existing and new investors including Apis Partners, Evolvence India, and Accel Partners.
Conclusion:
MoneyView is a Bengaluru-based startup offering a lending and expense Management platform for faster and more secure investments. The startup got fresh capital of $30 million from private placements. The company plans to join the unicorn club after securing $50 or $60 million investment from various investors and reach a valuation of $1 billion. The funding round is expected to see the participation of Accel Partners, Evolvence India, and Apis Partners. The company plans to use this amount to scale its operation, expand to the global market, meet general corporate purposes, and advance its technology. After this last round, the existing investor Accel holds the largest external stake with 22.8 percent. The company’s board approved the resolution to issue non-convertible debentures of Rs 20 crore.
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