Neobanking startup StashFin has raised $100 million (around Rs 800 crore) in a debt funding round from venture debt firms InnoVen Capital and Trifecta Capital as well as a host of domestic lenders.
The latest round comes just in nine months after StashFin raised $270 million in a Series C fundraise that valued the company at around $730 million.
The fresh proceeds will be deployed to optimize the firm’s portfolio for potential securitization as it looks to scale up its business, the startup said.
StashFin said in a statement on Wednesday that it has witnessed a spate of positive developments, such as ICRA upgrading the startup's rating to BBB (Stable) / A3+ for its group company Akara Capital Advisors Private Limited (ACAPL).
The company has recently issued its first debt issue to retail investors on a credit platform called Wint Wealth which was subscribed to within a few minutes, it added.
“Stashfin has a strong strategic vision and has witnessed extensive growth with profitability at its core. Fintech is a vibrant industry and players like Stashfin are defining a new category by enabling access to funds for underserved segments,” said Ashish Sharma, managing partner, InnoVen Capital.
Tushar Aggarwal, CEO and Founder – Stashfin, said, ‘The new collaborations will add more velocity to our growth given our robust business model and extensive market demand.”
Abhishek Gupta, Partner - Trifecta Capital, said that Stashfin's strong technology stack and innovative financial solutions have bridged the gap between growing credit demands and access to funds.
Founded in 2016, StashFin helps customers improve their financial health, offering flexibility and affordable interest rates.
Launched by Tushar Aggarwal, Parikshit Chitalkar and Shruti Aggarwal, StashFin counts Uncorrelated Ventures, Fasanara Capital, Abstract Ventures, Altara Ventures, Kravis Investment Partners and Snow Leopard, among others as its backers.
New Delhi-based StashFin has a presence in seven other cities across the country. It was acquired by Singapore-based Morus Technologies in 2017.
So far, the company has raised close to $345 million across five funding rounds.
Last year, Stashfin made a key addition to its leadership team by appointing former MD and CEO of SBI Cards, Vijay Jasuja as a non-executive independent director.
The company pits against the likes of CASHe, Money View, LendenClub, and IndiaLends among others.
*This article has been modified to update the names of the lenders.
