A series C investment co-led by Uncorrelated Ventures, Fasanara Capital, and Abstract Ventures secured $270 million for the Singapore-based neobanking platform Stashfin.
The business is valued at between US $700 million and US $800 million in the round, which is a combination of stock and debt. Tencent, an existing investor, also contributed to the round by purchasing a convertible debt instrument.
Stashfin operates in India and Southeast Asia and has about 10 million registered customers. A former executive in the private equity and real estate investment company Everstone Capital in Mumbai, Tushar Aggarwal, launched the business in 2016.
Stashfin provides a credit line card in collaboration with global payments leader Visa. Customers have access to credit through point-of-sale devices, mobile wallets, and internet payment gateways using both virtual and actual cards. These cards also offer monthly payments, payback rewards, and ATM transactions, among other things.
According to Stashfin, its monthly income has increased by 10 times over the last 12 months, with an annualized revenue run rate (ARR) of US $100 million at the moment. Over the following 12 to 18 months, the firm projects that its ARR will increase by up to 5x, reaching over $400 million USD.
Altara Ventures and Uncorrelated Ventures contributed $40 million to Stashfin’s series B extension fundraising in April.
