Others such as Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe BV, as well as existing investors Alto Partners, Snow Leopard Ventures and Positive Moves, also participated in the funding round.
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The company did not disclose the valuation at which it raised the funds.
The fintech startup, founded in 2016, plans to use the funds to grow its lending portfolio in India, as well as provide neobanking solutions to businesses across South Asia, founder and Chief Executive Officer Tushar Aggarwal said. “South Asia is on the cusp of a financial revolution. Our mission is to use technology to enable frictionless banking and services,” Aggarwal said.
The round takes the company’s total funding to around $55 million since inception in a mix of equity and debt.
Parikshit Chitalkar and Shruti Aggarwal are its other co-founders.
The company, which has an NBFC licence 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 fintechs 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,” said Chris Kolenaty, founder of Snow Leopard Global. “We see a strong potential in the frictionless, personnel-lite neobanking opportunity and continue to remain invested and highly supportive of the business.”
According to Koh Boon Hwee, chairperson of Altara Ventures, StashFin’s technology can help the neobank 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.