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    HomeBusinessStashfin raises $270 million in Series C equity and debt from global...

    Stashfin raises $270 million in Series C equity and debt from global investors

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    Companies

    Neobanking platform to use funds for expansion

    June 21

    Neobanking platform Stashfin has raised $270 million in Series C equity and debt led by global investors including Uncorrelated Ventures, Fasanara Capital & Abstract Ventures.

    Stashfin will use the funds to expand its footprint in South East and South Asia and upgrade its technology for new products. The new round values Stashfin between $700 million and $800 million. Existing investors in the company include Altara Ventures, Kravis Investment Partners, and Snow Leopard.

    Founded in 2016, Stashfin has been working towards the financial inclusion of various customer segments who find it hard to be accepted by traditional banking systems. The company also helps the under-represented build their credit footprint to enable them to improve their quality of life.

    With a focus on high-quality automated AI/ML-based underwriting rather than high-velocity customer acquisition at high cost just for the sake of growth, the company is one of very few fintech platforms that are profitable while still registering triple-digit YoY growth at scale.

    In the past 12 months, Stashfin saw 10x growth in its monthly business and is currently nearing an Annualized Revenue Run Rate (ARR) of $100 million. The company has registered nearly 10 million customers on its platform since inception and is projected to grow 4-5x this year with ARR expected to grow to over $400 million in the next 12-18 months. 

    Tushar Aggarwal, Founder and CEO, Stashfin, said, “We are excited to partner with the new investors and are grateful to our colleagues and investors for the continued support from our existing shareholders. The fundraise is a key milestone in this challenging macro environment.

    “Stashfin began with the purpose to serve the underserved and unserved segments of our society, and it’s heartening to see this manifesting in rapid business growth impacting millions of our customers’ lives. We are now at the cusp of transforming into a compound startup, offering multiple financial products for consumers with a wide spectrum of credit risks. We have launched some exciting products and onboarded an extremely talented team. I congratulate all of our stakeholders on this massive achievement and am looking forward to the next phase of growth. ”

    Challenging market conditions

    “Digital retail lending in India is growing fast. Stashfin’s product and technology stack are impressive and enviable, as are their underwriting sensibilities. The underwriting platform is not only profitable, but scales with attractive unit economics amid challenging market conditions. There are many players in the neobanking space, but few share the commitment and ability to serve the underserved and unserved segments that traditional banks and neobanks ignore.” said Salil Deshpande, Founder and General Partner of Uncorrelated Ventures.

    Stashfin Credit Line Cards allow users to avail of instant credit with minimum paperwork as well as transact across channels, including free ATM withdrawals, virtual and physical card with exclusive rewards and offers across shopping, dining, traveling and other needs.

    Published on June 21, 2022

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