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.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
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."
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Indonesia agritech startup Elevarm bags US$2.6 million in seed round led by Insignia
Grab-led GXBank teams up with Zurich to offer affordable insurance
GoTo eyes private placement of 120.1 billion shares
SoftBank leads US$1 billion funding for UK self-driving startup Wayve
Singapore battles to revive struggling stock market
NSG BioLabs bags US$14.5 million funding; inks tie-ups with Merck, EnterpriseSG