Indian neobanking platform Stashfin announced that it has raised $270 million in a Series C funding round at a valuation of more than $700 million.
The debt and equity funding round was led by Uncorrelated Ventures, Fasanara Capital and Abstract Ventures. Existing investors Altara Ventures, Snow Leopard and Kravis Investment Partners also participated.
Stashfin says it will use the new money to expand its footprint across South and Southeast Asia and develop its product offerings.
Founded in 2016 and headquartered in New Delhi, Stashfin aims to bring financial services to the underbanked by offering flexible and affordable interest rates to customers and “bridge the widening credit gap in India”.
“The current fundraise shows the confidence of all our key stakeholders in us while we are building something unique to cater to the credit needs of the underrepresented and underserved customers,” says Shruti Aggarwal, co-founder of Stashfin.
She adds that the neolender’s products and new initiatives such as the credit line card for women, LiveBoundless, aim to drive up financial inclusion and provide “instant access” to funds for their customers.
Stashfin was acquired by Singapore-based Morus Technologies in 2017 and last raised $40 million in a Series B funding round in April 2021.