NeoBanking startup Stashfin raises $270 Mn in Series C round

NeoBanking startup Stashfin raises $270 million in a mix of equity and debt round led by Uncorrelated Ventures, Fasanara Capital and Abstract Ventures. This is the first financing round for Stashfin this year.

According to the Delhi-based company, it has been valued in the range of $700-800 million. Its existing investors include Altara Ventures, Kravis Investment Partners, and Snow Leopard.

Stashfin will use the funds to expand its footprint in Southeast and South Asia and upgrade its technology for new products, said the company in a release.

In April 2021, Stashfin had raised $40 million in a Series B equity round led by Altara Ventures and Uncorrelated Ventures. It has raised nearly $320 million in equity and debt to date.

Stashfin offers a credit line card in partnership with payment network provider, VISA. The company’s physical and virtual cards provide credit access across a broad array of digital payment infrastructure including point-of-sale machines, mobile wallets and online payment gateways.

Stashfin claims 10X growth in the past year with an annualized revenue run rate (ARR) of $100 million. The company has registered nearly ten million customers on its platform since inception, the company said.

While StashFin is registered in Singapore, the operating revenue of its Indian entity shrank 50.3% to Rs 8.3 crore during FY21 from Rs 16.7 crore in FY20 as per the company’s annual financial statement filed with the Registrar of Companies (RoC). Meanwhile, the annual losses of the firm jumped 117.2% to Rs 13.4 crore in FY21 from Rs 6.17 crore in the previous fiscal year (FY20).