Stashfin Secures $270M to Expand in Southeast, South Asia

Digital banking startup Stashfin secured $270 million in a Series C equity and debt funding round that values the firm between $700 million and $800 million, according to a press release emailed to PYMNTS on Tuesday (June 21).

The funding round was led by global investors including Uncorrelated Ventures, Fasanara Capital and Abstract Ventures, with participation by previous investors including Altara Ventures, Kravis Investment Partners and Snow Leopard.

Headquartered in New Delhi, India and founded by CEO Tushar Aggarwal in 2016, the digital lending platform provides a virtual credit facility to consumers in India. Loans range from ₹1000 to ₹5,00,000 with repayment periods starting from 3 months to 36 months and interest rates ranging from 11.99% to 59.99%, according to its website.

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Stashfin is working toward bridging the widening credit gap in India and striving for financial inclusion for all while also helping the under-banked build up their credit. The startup provides Stashfin Credit Line Cards which offers virtual and physical cards with rewards and free ATM withdrawals, according to the release.

The company said it’s “one of very few fintech platforms” already profitable while also posting triple-digital year-over-year growth. Stashfin has close to 10 million registered users and is projecting 4x to 5x growth this year, per the release.

Aggarwal called the new funding a “key milestone” in what has been a “challenging macro environment” but one in which Stashfin will undergo its next phase of growth.

“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. We have launched some exciting products and onboarded an extremely talented team,” Aggarwal said.

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Stashfin uses artificial intelligence (AI) technology to power its customized solutions and recently launched #LiveBoundless, a credit line card that aims to offer women financial freedom.

“Digital retail lending in India is growing fast. Stashfin’s product and technology stack are impressive and enviable, as are their underwriting sensibilities,” said Salil Deshpande, founder and general partner of Uncorrelated Ventures.