Moneyview, a Bengaluru-based lending platform, is set to receive an infusion of Rs 250 crore in debt through private placements. This would be a big milestone for the company. The latest round of debt funding, the first kind in the last three years, signals the beginning of a new phase of growth and expansion for the firm Moneyview.
PC: FineTech Future
According to internal documents sourced from the Registrar of Companies, the board has approved a special resolution to issue non-convertible debentures aggregating up to Rs 250 crore. Proceeds from the current round of debt would be used to fund growth initiatives of the company, enhance working capital as well as general corporate purposes.
Interestingly, apart from the debt financing, Moneyview is also poised to enter the unicorn club, as discussions are in full swing to raise between $50-60 million. The new funding round is likely to see the attendance of new investors along with existing backers such as Apis Partners, Accel Partners, and Evolvence India, among others, as reported by Entrackr in July.
Having raised nearly $190 million to date, including the substantive $75 million Series E led by Apis Partners, Moneyview is a company that has acquired a firm place in the fintech ecosystem. During the last equity financing round, the company was valued at US$900 million-a confidence in the business model and its growth prospects by the market.
Data provided by TheKredible reveals that Accel emerged as the largest external stakeholder in Moneyview, owning 22.28%, followed by Tiger Global, which now holds a 12% stake in the company post the new funding round. Co-founders Puneet and Sanjay Agarwal together own a 24% stake in the firm, indicating sustained commitment on the part of the co-founders for its success. Several marquee investors have belief in Moneyview’s growth trajectory, including Ribbit Capital, Apis Partners, Winter Capital, and Evolvence.
Incorporated in 2014, Moneyview offers a gamut of financial products and services comprising personal and home loans, credit cards, credit score monitoring, motor insurance, and loans against property. Apart from its arrangements with third-party providers, the company is granting credit on its own via its NBFC, Whizdm Finance. In its short tenure, Moneyview has given out loans of Rs 1,2000 crore, showing what has been achieved in the lending ecosystem.
The financial numbers for FY24 have not been shared yet, but Moneyview performed stellar in FY23 when the revenue from operations jumped 2.6X to Rs 577 crore. Profits for the same fiscal year went up about 27X at Rs 163 crore, as it underlined strong financial health with a sustainable business model.
Moneyview’s growth trajectory to unicorn status, along with this latest debt funding round and imminent equity raise, places the firm in a strong position to accelerate its scale-up and dominance in the aggressive fintech growth landscape. Strong investor support, together with a raft of various financial solutions, is propelling Moneyview to redefine the customer lending experience in India.
