Apis in talks to back fintech Money View at $1 billion valuation despite market slump • TechCrunch
India’s Money View is in talks to raise a new round of funding with a valuation of a rhino, two sources familiar with the matter told TechCrunch, in a boost to the local fintech community that has been… Affected by the strict guidelines of the Central Bank and the funding crisis in recent months.
The sources said Apis Partners is considering leading a funding round of between $125 million and $150 million in a Bengaluru-based startup valuation of around $1 billion. The tour has not yet been finalized, a series E, so the terms of the deal may change, sources warned, asking not to be identified. She spoke of non-public information.
Apis Partners, Money View, and the startup’s founders did not respond to a request for comment Wednesday evening local time.
The eight-year-old startup, which was valued at $615 million in a Series D funding round in March of this year, is offering loans to individuals who cannot access credit from banks and other financial institutions. The startup has said in the past that the majority of its clients live in small Indian cities and towns.
“India is one of the most underserved large economies when it comes to getting credit. More than 70% of the credit offered by banks is given only to the top 10% of wealthy Indians,” he describes on his website.
“The most disadvantaged groups are people who earn less than 5 liters [$6,070] year. Money View aims to bridge this credit gap by offering customized loan offers to its clients through its robust data and risk assessment model. The company’s proprietary data models provide a 360-degree risk assessment, enabling credit to underserved sectors.”
Its founder, Puneet Agarwal, said in a press release in May that Money View — which counts Ribbit Capital, Tiger Global and Accel among its current backers — has been profitable for more than a year, and has been on track to post an annual turnover of around $80 million.
“In the age of cash-burning businesses, we are one of the very few fintech startups to be profitable in over a year now,” Agarwal said in a press release in May.
Its new deliberations on financing come at a time when deal flow activity has slowed dramatically in the South Asian market as investors have become wary of writing new checks and evaluating their underwriting models after valuations of listed companies falter.
Indian startups Raised $3 billion in the quarter ended Septemberdown 57% from the previous quarter and 80% year-over-year, according to market information platform Tracxn.