Singapore-based neobank Stashfin bags $270m in debt and equity

Singapore-based neobank Stashfin has reportedly received $270m in a funding round comprising debt and equity.

The funding round, which values the neobank between $700m and $800m, was made up of $70m in equity and $200m in debt, according to a report from TechCrunch.

Uncorrelated Ventures, Abstract Ventures and Fassanara Capital served as the lead investors, with commitments also coming from Altara Ventures, Tencent, Kravis Investment Partners and Snow Leopard.

The neobank launched 2016 as a way to improve financial inclusion. Stashfin founder and chief executive Tushar Aggarwal explained that banks cannot afford to provide underserved individuals with cards due to high operational costs.

Aggarwal told TechCrunch, “When I moved back to India, I had a pretty hard time getting a credit card for almost a year and a half because although I was Indian, the bank saw me as someone new to credit.  

“The experience made me realise that for people growing up in middle-class families, what access to credit meant in terms of paying for tuition classes or whatnot.”

The neobank offers an all-in-one card, which lets users get quick access to personal loans, 1% cashback on online spending, flexible payment terms, and transparent pricing.

Stashfin previously bagged $40m in a Series B extension back in April 2021.

Singapore FinTech investment reached a new record in 2021, according to data by FinTech Global. There were 207 investment deals, with a combined total of $3.4bn deployed. This is significantly higher than the previous year, when just $900m was invested through 110 deals.

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