Neo-banking startup StashFin has reportedly raised USD 200 million in debt by Fasanara Capital and Abstract Ventures, along with a USD 70 million equity capital led by San Francisco-based Uncorrelated Ventures.
With the latest funding, the company is now valued at USD 800 million. The fundraising round also included participation from previous investors Kravis Investment Partners, Altara Ventures, and Snow Leopard.
This recent investment brings the company's total funding to USD 325 million, including both equity and debt. According to StashFin, the fresh funding will be used to increase its presence in South and Southeast Asia and modernize its technology in preparation for new products.
The business stated that it intends to increase recruiting in the fields of technology and data sciences. For those unaware, StashFin provides specialized solutions supported by its in-house artificial intelligence (AI) technology.
It recently introduced a credit line card for women to grant them more financial independence. With its cards, customers may conduct transactions across many channels, including ATM withdrawals, and can get quick credit.
According to the founder and CEO Tushar Aggarwal, with a current workforce of 430 individuals, the company is looking to hire another 400 more in the next 6-9 months.
StashFin is also authorized to operate in India as an NBFC, where it provides credit lines with loans starting at USD 127 through a Visa card to the Indian middle class. The organization disburses loans of between USD 63 million every month.
The company is on the verge of becoming a compound startup, providing a variety of financial products for customers with various levels of credit risk. It has brought on board a highly talented staff and introduced some intriguing goods, Aggarwal added.
It is worth mentioning here that StashFin’s monthly business has increased ten-fold over the last 12 months, and it is currently closing in on an annualized revenue run rate of USD 100 million.
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