The Indian online lender Money View is now just a few million away from earning the prestigious unicorn status after the startup raised $75 million during its latest funding round at a valuation of $900 million.
According to a report from TechCrunch, this last round was led by the UK-based private equity company Apis Partners and counted with the participation of prestigious venture capital funds such as Tiger Global, Winter Capital, and Evolvence.
The company’s price tag nearly doubled compared to the $615 million valuation it got during the Series D funding round that took place in March this year. The funding round is not considered closed yet which means that there could be more money on the table for Money View in the coming days or weeks.
What is Money View?
Money View is a Bengaluru-based startup that has been in business for nearly eight years. It provides customized credit products to millions of Indians who do not qualify for the traditional loans offered by the country’s top financial institutions.
According to its website, the company’s services are available in over 5,000 locations within the country and it has disbursed over 9,000 Cr or approximately $1.1 billion in loans to its customers.
Users can go to Money View’s website to check their eligibility. The company offers loans starting at Rs. 5,000 ($60) and does not require any form of collateral. Interest rates start at 1.33% per month and, once the application is approved, it takes less than 24 hours – typically 2 hours – for the money to be deposited into the borrower’s account.
Money View’s requirements to be eligible for a loan include showing proof of income exceeding Rs. 13,500, being a salaried or self-employed worker, having a CIBIL credit score of over 600 or 650 for Experian, and being older than 21 years.
Borrowers can choose among repayment periods ranging from 36 to 60 months and they can complete the application process online. Some of the products offered by Money View include business, car, bike, and home loans.
“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”, commented Puneet Agarwal, the founder and CEO of Money View in a statement published after this latest funding round.
He added: “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”.
Meanwhile, the co-founder and managing partner at Apis Partners, said: “Money View has achieved great success already, with their credit products democratising the access for millions of customers in India, and we are truly excited to partner with the company at this stage of its journey”.
More Details About Money View’s Operations and Finances
According to statistics provided by the company in a regulatory filing, Money View is disbursing around $1.2 billion in loans every year and managing a portfolio of approximately $800 million. Moreover, during its most recent fiscal year, it generated revenues of $30.6 million and turned a profit of approximately $2.14 million.
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Agarwal was reportedly involved in the development of GPay during its early years in the United States and also worked for McKinsey and Capital One. Meanwhile, the firm’s co-founder, Sanjay Aggarwal, worked for Yahoo and founded an ed-tech company called Mingle Box.
Data from Inc42.com says that the market opportunity for fintech startups in India is worth approximately $1.3 trillion with lending activities accounting for at least half of that figure.
Companies such as Money View have the mission to use technology to provide banking products and services to individuals within the country that have typically been shunned by the country’s legacy financial institutions.