Friday, October 7, 2022
HomeInsightFunding Alert StashFin raises $270 mn in Series C round

[Funding alert] StashFin raises $270 mn in Series C round

[Funding alert] StashFin raises $270 mn in Series C round

Neo-banking startup StashFin has raised $270 million in mix of equity and debt in Series funding  round from global investors at a valuation around $800 million.

In this funding round, San Francisco-based Uncorrelated Ventures invests $70 million in equity and the remaining $200 million is invested in debt through by other investors like Fasanara Capital, with participation from Abstract Ventures.

The round also saw participation from existing investors Altara Ventures, Kravis Investment Partners and Snow Leopard.

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The company plans to use the funds to expand its footprint in South and Southeast Asia and upgrade its technology for new products.

Singapore based StashFin was founded in 2016 by Tushar Aggarwal, It helps under-represented people build their credit footprint and is focused on high quality automated AI/ML-based underwriting.

It provides customized solutions to its clients powered by its proprietary AI-based technology.

“The fundraise is a key milestone in this challenging macro environment. Stashfin began with the purpose to serve the underserved and unserved segments of our society, and it’s heartening to see this manifesting in rapid business growth impacting millions of our customers’ lives. 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.

According to a statement from the company, its credit line cards allow users to get instant credit with minimal paperwork as well as transactions across channels, including free ATM withdrawals, special rewards and purchases with virtual and physical cards, Includes food, travel and other offers.

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Over the past twelve months, the fintech company has seen its monthly turnover grow 10x and is currently nearing an annual revenue run rate (ARR) of $100 million.

It has registered around ten million customers on its platform since inception and is projected to grow 4-5 times this year and ARR is expected to increase to $400 million in the next 12-18 months.

“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,” said, Salil Deshpande, founder and general partner of Uncorrelated Ventures.

In April 2021, StashFin had raised $40 million in its Series B equity funding round from a clutch of global investors including Altara Ventures and Uncorrelated Ventures.

About StashFin

Stashfin is a neo-banking platform with a mission to deliver seamless and transparent financial services to consumers across a wide spectrum.

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Their aim is to empower the customers by improving their financial health, which will lead to inclusivity, growth and economic independence. Stashfin has disrupted the traditional banking formats and our purpose is to cater to the unforeseen needs of the underbanked and bridge the widening credit gap in India, thereby enabling customers to take control of their finances.

They offer flexibility and affordable interest rates to reduce the financial burden for users. They are also striving to create an opportunity for people with a limited credit footprint, enabling them to embark upon their financial journey successfully. They’ve already assisted millions of customers, creating a mind-set of trust and convenience with their distinct proposition.

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