Stashfin, a Neobank subsidiary, has raised $270 million

Stashfin, a Singapore-based neobanking platform, announced on Tuesday that it has raised $270 million (about Rs2,109 crore) in a series-C equity and loan round headed by Uncorrelated Ventures, Fasanara Capital, and Abstract Ventures.

Stashfin, a Singapore-based neobanking platform, announced on Tuesday that it has raised $270 million (about Rs2,109 crore) in a series-C equity and loan round headed by Uncorrelated Ventures, Fasanara Capital, and Abstract Ventures.

Altara Ventures, Kravis Investment Partners, and Snow Leopard were among the existing investors in the round.

According to the branchless lender, the funds will be used to expand operations in Southeast and South Asia as well as offer new products to its consumers.

“Stashfin will use the funds to expand its footprint in Southeast and South Asia and upgrade its technology for new products,” the neobank said.

Since its launch in 2016, the lender has disbursed over Rs400-500 crore per month to approximately 10 million (1 crore) consumers across its geographical area of operations.

“The fundraise is a key milestone in this challenging macro environment. 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,” said Tushar Aggarwal, founder and CEO, Stashfin.

The neobank is now valued at around $700-800 million as a result of the funding round.

This year, the neobank wants to increase its customer base by 4-5 times. In the following 12 to 18 months, it anticipates the annualised revenue run rate to reach $400 million.