New Delhi: Neo-banking startup StashFin has raised $40 million in its Series B round of funding from a clutch of global investors.
Investors in this round include Altara Ventures, Uncorrelated Ventures, Integrated Capital, Kravis Investment Partners, Saison Capital, and Tencent Cloud Europe BV.
The company aims to utilize the capital to pursue neo-banking across South Asia, double down on its plan to grow in existing markets, and strengthen the customer platform for local languages.
“During these difficult times, most aspiring consumers can avail a credit line to study further or serve immediate family needs for health and everyday consumption,” said Tushar Aggarwal, founder of StashFin.
Founded in 2016, StashFin offers a Credit Line Card in partnership with Visa.
“Despite adverse macroeconomic conditions, we continue to partner with Tushar and his team,” said Koh Boon Hwee of Altara Ventures.
StashFin, which is headquartered in Delhi and has a presence in seven other cities in India, was acquired by Singapore-based Morus Technologies in 2017.
The company has already been backed by a number of other angel investors including Brett Rochkind (MD, General Atlantic) and Renaud Laplanche (cofounder and CEO, Upgrade).
StashFin, which taps into the neo-banking market opportunity in South Asia, is among the growing global list of neo-banking startups including N26, Chime, NuBank, and Revolut.