Neobanking platform StashFin raises $270 mn in Series C round

 Neobanking platform StashFin raises $270 mn in Series C round

Indian neobanking company StashFin has secured $270 million in its Series C equity and debt round led by global investors including Uncorrelated Ventures, Fasanara Capital and Abstract Ventures.

Existing investors Altara Ventures, Kravis Investment Partners and Snow Leopard Ventures also chipped in. The round valued the company more than $700 million, StashFin said.

The six-year-old venture said it will use the funds to expand its footprint in Southeast and South Asia and upgrade its technology for new products.

The development comes 14 months after StashFin scooped up $40 million in its Series B round of funding from Altara Ventures, Uncorrelated Ventures, Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent.

“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.

Founded in 2016, StashFin claims it grew its monthly business 10 times in the last one year, and is currently close to hitting an annualised revenue run rate of $100 million.

“Digital retail lending in India is growing fast. StashFin’s underwriting platform is not only profitable, but scales with unit economics amid challenging market conditions,” said Salil Deshpande, founder and General Partner of Uncorrelated Ventures.

This is one of the largest venture funding rounds in the country in recent months even as VC funding in the Indian startup ecosystem has slowed down.

Earlier this month, fintech firm Cred raised around $140 million in its Series F round that included a secondary component.

Vivek Sinha

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