Stashfin, the Singapore-based neo banking platform, on Tuesday said it has raised $270 million (about Rs2,109 crore) in the series-C equity and debt funding round led by global investors, including Uncorrelated Ventures, Fasanara Capital & Abstract Ventures.
Existing investors Altara Ventures, Kravis Investment Partners and Snow Leopard also participated in the funding round.
The proceeds will be used to expand the operations in Southeast and South Asia as well as offer new products to its customers, said the branchless lender.
“Stashfin will use the funds to expand its footprint in Southeast and South Asia and upgrade its technology for new products,” the neobank said.
With over 10 million (1 crore) customers across its geographical area of operations since inception in 2016, the lender disburses about Rs400-500 crore per month.
“The fundraise is a key milestone in this challenging macro environment. We are now at the cusp of transforming into a compound startup, offering multiple financial products for consumers with a wide spectrum of credit risks,” said Tushar Aggarwal, founder and CEO, Stashfin.
The funding round takes the valuation of the neobank at about $700-800 million.
The neobank aims to grow its customer base by 4-5 times this year. It also expects the annualised revenue run rate to rise to $400 million in the next 12-18 months.
In May this year, the neobanking platform had launched a credit line card especially for women called LiveBoundless.
Salil Deshpande, founder and general partner of Uncorrelated Ventures, said that digital retail lending in India is growing fast. “Stashfin’s product and technology stack are impressive…The underwriting platform is not only profitable, but scales with attractive unit economics amid challenging market conditions,” Deshpande added.
