StashFin funding

StashFin, a Singapore-based neobanking startup, has raised $40 million in a Series B equity round led by a group of global investors including Altara Ventures and Uncorrelated Ventures.

Several others such as Saison Capital, Integrated Capital, Kravis Investment Partners, and Tencent Cloud Europe BV, as well as existing investors Alto Partners, Snow Leopard Ventures, and Positive Moves, also took part in the funding round.

The company did not reveal the valuation at which it raised the funds.

The fintech startup, established in 2016, intends to utilize the funds to expand its lending portfolio in India, as well as offer neobanking solutions to businesses across South Asia, founder and Chief Executive Officer Tushar Aggarwal said. “South Asia is on the cusp of a financial revolution. Our mission is to use technology to enable frictionless banking and services,” he said.

The round drives the company’s total funding to around $55 million since establishment in a mix of equity and debt.

Parikshit Chitalkar and Shruti Aggarwal are its other co-founders.

The company, which holds an NBFC license in India, provides credit lines via a Visa card to middle-class Indians, providing loans with ticket sizes starting at Rs 10,000. The company has about 1 million customers with a loan book of around Rs 500 crore.

“Several fintechs found it difficult to raise capital during these challenging times. StashFin has shown the resilience to innovate and grow without compromising on the bottom line,” said Chris Kolenaty, founder of Snow Leopard Global. “We see a strong potential in the frictionless, personnel-lite neobanking opportunity and continue to remain invested and highly supportive of the business.”

According to Koh Boon Hwee, chairperson of Altara Ventures, StashFin’s technology can support the neobank consolidate a huge market opportunity in India to provide credit to unbanked sections of the population.

“Despite the adverse macroeconomic conditions, we continue to partner with Tushar and his team; they are passionate founders, with a strong innovative product built on a robust tech platform that is addressing a huge market opportunity. We have seen explosive growth by StashFin over the last few years,” Koh said.

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