StashFin, a neo banking platform based in Singapore, has extended its Series B round by $40m as it looks to capitalise on the potential $1trn neo banking market in South Asia.
The round was supported by new StashFin backers Altara Ventures and Uncorrelated Ventures. Additional support came from Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe BV.
Previous investors to StashFin, including Alto Partners, Snow Leopard Ventures and Positive Moves, also supplied capital.
With the fresh equity, the company hopes to expand its presence in South Asia, double down on its existing markets and improve the customer platform for local languages.
StashFin claims there is a potential $1trn neo banking market in South Asia and it is hoping to capitalise on this. Its platform is designed for B2C and claims to be attracting millions of applicants.
StashFin founder and CEO Tushar Aggarwal said, “We are sitting on a unique opportunity to enable millions of consumers to get closer to their dreams and improve financial inclusion. South Asia is on the cusp of a financial revolution. Our mission is to use technology to enable frictionless banking and services.
“We are excited to join hands with our new equity partners to pursue this neo banking mission and grateful for the continued support from our existing investors. During these difficult times, most aspiring consumers can avail the credit line to study further or serve immediate family needs for health and everyday consumption.”
StashFin offers a credit line card in partnership with Visa that enables customers to access a credit facility in monthly instalments and with zero annual fees. Consumers can order physical and virtual cards, which can be used at a range of POS machines and mobile wallets.
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