Singapore-based Neobank Stashfin raises $40 Million in Series B Equity Round
The Singapore-based neo-banking startup, StashFin has raised $40 million in Series B equity round led by a clutch of global investors including Altara Ventures and Uncorrelated Ventures.
The round saw the participation of Integrated Capital, Kravis Investment Partners, Saison Capital, and Tencent Cloud Europe BV, and also existing investors Alto Partners, Snow Leopard Ventures, and Positive Moves.
The round takes the company’s total funding to around $55 million since inception in a mix of equity and debt.
The startup, founded by Tushar Aggarwal in 2016, is a digital lending venture that has a team of former financial services professionals dedicated to disrupting traditional lending in India.
The company has worked with reputed firms in the Banking and Financial Services space, such as Bank of America, Merrill Lynch, Citi, Deloitte, Kabbage, etc. in India and the USA.
With the help of advancements in technology and the growing drive towards digitalization of the economy, It provides an instant loan in the most convenient and hassle-free manner, which is a perfect financial boost to the customer.
“South Asia is on the cusp of a financial revolution. Our mission is to use technology to enable frictionless banking and services,” says Aggarwal, Founder & CEO, StashFin.
The company with NBFC license in India offers credit lines through a Visa card to middle-class Indians, offering loans with ticket size starting at Rs 10,000. The company has around 1 million customers with a loan book of around Rs 500 crore.
“A number of fintech found it difficult to raise capital during these challenging times. StashFin has shown the resilience to innovate and grow without compromising on the bottom line. We see a strong potential in the frictionless, personnel-lite neo banking opportunity and continue to remain invested and highly supportive of the business.” says, Chris Kolenaty, Founder of Snow Leopard Global.
According to Koh Boon Hwee, chairperson of Altara Ventures, StashFin’s technology can help the neo-bank consolidate a huge market opportunity in India to offer credit to unbanked sections of the population.
“Despite the adverse macroeconomic conditions, we continue to partner with Tushar and his team; they are passionate founders, with a strong innovative product built on a robust tech platform that is addressing a huge market opportunity. We have seen explosive growth by StashFin over the last few years,” Koh said.
The round saw the participation of Integrated Capital, Kravis Investment Partners, Saison Capital, and Tencent Cloud Europe BV, and also existing investors Alto Partners, Snow Leopard Ventures, and Positive Moves.
The round takes the company’s total funding to around $55 million since inception in a mix of equity and debt.
The startup, founded by Tushar Aggarwal in 2016, is a digital lending venture that has a team of former financial services professionals dedicated to disrupting traditional lending in India.
The company has worked with reputed firms in the Banking and Financial Services space, such as Bank of America, Merrill Lynch, Citi, Deloitte, Kabbage, etc. in India and the USA.
With the help of advancements in technology and the growing drive towards digitalization of the economy, It provides an instant loan in the most convenient and hassle-free manner, which is a perfect financial boost to the customer.
“South Asia is on the cusp of a financial revolution. Our mission is to use technology to enable frictionless banking and services,” says Aggarwal, Founder & CEO, StashFin.
The company with NBFC license in India offers credit lines through a Visa card to middle-class Indians, offering loans with ticket size starting at Rs 10,000. The company has around 1 million customers with a loan book of around Rs 500 crore.
“A number of fintech found it difficult to raise capital during these challenging times. StashFin has shown the resilience to innovate and grow without compromising on the bottom line. We see a strong potential in the frictionless, personnel-lite neo banking opportunity and continue to remain invested and highly supportive of the business.” says, Chris Kolenaty, Founder of Snow Leopard Global.
According to Koh Boon Hwee, chairperson of Altara Ventures, StashFin’s technology can help the neo-bank consolidate a huge market opportunity in India to offer credit to unbanked sections of the population.
“Despite the adverse macroeconomic conditions, we continue to partner with Tushar and his team; they are passionate founders, with a strong innovative product built on a robust tech platform that is addressing a huge market opportunity. We have seen explosive growth by StashFin over the last few years,” Koh said.
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