Neobank StashFin raises $40 mn in Series B Extension equity financing
By Leandra Monteiro
Singapore-based neobanking start-up Morus Technologies Pte Ltd ‘StashFin’ has announced the completion of Series B Extension equity financing of USD 40 million from a group of global investors. The Company plans to use the funds to pursue neobanking across South Asia, as well as double down on its plan to grow in existing markets and strengthen the customer platform with local languages.
The new investors participating in the round included Altara Ventures and Uncorrelated Ventures with previous investments from Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe BV. Existing investors who participated in the round included Alto Partners, Snow Leopard Ventures and Positive Moves.
StashFin, founded in 2016, offers a Credit Line Card in partnership with VISA that permits customers to access their credit facility with easy monthly instalments and zero annual fees. Customers can order physical and virtual credit line cards that provide credit access across a broad array of digital payment infrastructure including POS machines, mobile wallets, and online payment gateway.
The Card features include free ATM withdrawals, lifetime free annual fees, free supplementary cards and Payback rewards. The team has worked with a number of firms in the Banking and Financial Services space, such as Merrill Lynch, Citi, Goldman Sachs, Kabbage, etc. in India and the USA. The Company has also been backed by a number of investors in financial services including Brett Rochkind (Managing Director at General Atlantic), Renaud Laplanche (Founder and CEO of Upgrade) among others.
Tushar Aggarwal, Founder & CEO of StashFin said, “We are sitting on a unique opportunity to enable millions of consumers to get closer to their dreams and improve financial inclusion. South Asia is on the cusp of a financial revolution. Our mission is to use technology to enable frictionless banking and services. We are excited to join hands with our new equity partners to pursue this neobanking mission and grateful for the continued support from our existing investors. 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 of Altara Ventures commented, “We believe that technology provides the means to financial inclusion and democratisation. 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 technology platform that is addressing a huge market opportunity. We have seen explosive growth by StashFin over the last few years.”
Salil Deshpande from Uncorrelated Ventures said, “It is often hard to find a combination of grit, resilience, determination and agility in a startup team. Equally rare is a clear vision and great unit economics. The team has built extremely compelling bank grade infrastructure in a frugal manner. The advanced machine learning and AI models can be scaled across various geographies. We are excited to partner with StashFin on this exciting journey.”