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Neobanking platform Stashfin raises over Rs 2,100 crore from multiple investors

Neobanking platform Stashfin raises over Rs 2,100 crore from multiple investors

Business

Neobanking platform Stashfin raises over Rs 2,100 crore from multiple investors

Singapore-based neobanking platform Stashfin has raised over Rs 2,100 crore equity and debt capital from a clutch of investors, including the existing ones, and it will use the proceeds to expand its operations as well as offer new products to its customers.



This funding round takes the branchless lender’s valuation at about USD 700-800 million. The neobank has raised USD 270 million (about Rs 2,109 crore) in the series C equity and debt funding led by global investors, including Uncorrelated Ventures, Fasanara Capital & Abstract Ventures, Stashfin said in a release on Tuesday.


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Existing investors Altara Ventures, Kravis Investment Partners and Snow Leopard also took part in this funding round. “Stashfin will use the funds to expand its footprint in Southeast and South Asia and upgrade its technology for new products,” it said. With over 10 million (1 crore) customers across its geographical area of operations since inception in 2016, the lender disburses about Rs 400-500 crore per month to its customers.

“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,” Tushar Aggarwal, founder and CEO, Stashfin, said. Salil Deshpande, founder and general partner of Uncorrelated Ventures, said digital retail lending in India is growing fast.

“Stashfin’s product and technology stack are impressive…The underwriting platform is not only profitable, but scales with attractive unit economics amid challenging market conditions,” he added. The neobank projects to grow its customer base by 4-5 times this year. It also expects the annualised revenue run rate to grow to USD 400 million in the next 12-18 months.


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