Singapore-based neobanking startup, StashFin completed the extension of its Series B equity financing of $40m.
Investors in the round included Altara Ventures and Uncorrelated Ventures, with investments from Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe BV. Other investors including Alto Partners, Snow Leopard Ventures and Positive Moves also participated in the round.
StashFin plans to use the funds to develop its neobanking network across South Asia, double down on its growth in existing markets and strengthen the customer platform for local languages.
Launched in 2016 by Tushar Aggarwal, StashFin offers an innovative Credit Line Card in partnership withÂ VISA that permits customers to access their credit facility with monthly instalments and zero annual fees.
Customers can order physical and virtual credit line cards that provide creditÂ access across a host of digital payment infrastructure including POS machines, mobile wallets and online payment gateway. Card features include free ATM withdrawals, lifetime free annual fees, free supplementary cards and payback rewards.
Commenting on the round, Aggarwal said, â€œWe 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.
â€œDuring these difficult times, most aspiring consumers can avail the credit line to study further or serve immediate family needs for health and everyday consumption.â€
Echoing a similar sentiment, Uncorrelated Ventures general partner Salil Deshpande said,Â â€œIt is often hard to find a combination of grit, resilience, determination and agility in a startup team. Equally rare is a clear vision and great unit economics. The team has built extremely compelling bank-grade infrastructure in a frugal manner. The advanced machine learning and AI models can be scaled across various geographies. We are excited to partner with StashFin on this exciting journey.â€
StashFin, which is headquartered in DelhiÂ with presence in seven other Indian cities, was acquired by Singapore-based Morus Technologies in 2017.
The neobank aims to taps into the market opportunity in South Asia and is among the growing global list of startups such as N26, Chime, NuBank and Revolut.
Copyright Â© 2021 FinTech Global