StashFin raises US$40m in Series B extension equity financing

MORUS Technologies, which runs neobanking startup StashFin, has raised US$40 million in Series B extension equity financing from global investors.

New investors include Altara Ventures and Uncorrelated Ventures, with previous investments from Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe BV.

Existing investors Alto Partners, Snow Leopard Ventures and Positive Moves also participated in the round.

StashFin, which is based in Singapore and India, will use the funding to pursue neobanking across South Asia. It also plans to grow existing markets and strengthen its customer platform for local languages.

Neobanks are digital-only banks that do not have physical branches.

StashFin, which was founded in 2016, has worked with banking and finance firms such as Merrill Lynch, Citi, Goldman Sachs and Kabbage, in India and the US. It also offers a credit line card in partnership with Visa.

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StashFin founder and chief executive Tushar Aggarwal said: "During these difficult times, most aspiring consumers can avail the credit line to study further or serve immediate family needs for health and everyday consumption."

Koh Boon Hwee, chairman and general partner of Altara Ventures, said the venture capital firm has seen "explosive growth" by StashFin over the last few years.

Uncorrelated Ventures general partner Salil Deshpande said: "The team has built extremely compelling bank-grade infrastructure in a frugal manner. The advanced machine learning and artificial intelligence models can be scaled across various geographies."