Singapore-based neo-banking startup, Morus Technologies Pte. Ltd, which operates the brand StashFin on Saturday said that it has raised $40 million as a part of its Series B extension round from a clutch of global investors.
New investors participating in the round include Singapore-based Altara Ventures and US-based Uncorrelated Ventures.
Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe BV along with existing investors, Alto Partners, Snow Leopard Ventures and Positive Moves, also participated in the round.
According to the company, it plans to use the funds to pursue neo-banking across South Asian markets, while doubling down to grow in existing markets. With the fresh infusion, StashFin also plans to strengthen the customer platform for local languages.
Four-year-old StashFin offers a credit line card in partnership with payment network provider, VISA, that permits customers to access their credit facility with easy monthly instalments and zero annual fees. The company’s physical and virtual cards provide credit access across a broad array of digital payment infrastructure including point-of-sale machines, mobile wallets and online payment gateways.
“We are sitting on a unique opportunity to enable millions of consumers to get closer to their dreams and improve financial inclusion. South Asia is on the cusp of a financial revolution. Our mission is to use technology to enable frictionless banking and services,” said Tushar Aggarwal, founder and chief executive officer of StashFin.
Without disclosing growth figures, the company said that it has witnessed a 200x growth over the last few years and is reportedly profitable. StashFin, which has a headcount of over 200 employees, plans to expand its team across different geographies.
“The team has built extremely compelling bank-grade infrastructure in a frugal manner. The advanced machine learning and AI models can be scaled across various geographies. We are excited to partner with StashFin on this exciting journey,” said Salil Deshpande from Uncorrelated Ventures.