Singapore-based neo-banking startup Morus Technologies Pte Ltd StashFin announced, on Saturday, that it has completed its Series B extension equity funding round, raising $40 million from a clutch of global investors.
Investors including Altara Ventures and Uncorrelated Ventures, along with previous investments integrated from Capital, Kravis Investment Partners, Saison Capital, and Tencent Cloud Europe BV. Existing investors including Alto Partners, Snow Leopard Ventures, and Positive Moves also participated in the round.
According to a statement released by the fintech startup, StashFin plans to use the funds to pursue neo-banking across South Asia, double down on its plan to grow in existing markets, and strengthen the customer platform for local languages.
Salil Deshpande of Uncorrelated Ventures said, “It is often hard to find a combination of grit, resilience, determination and agility in a startup team. Equally rare is a clear vision and great unit economics. The team has built extremely compelling bank-grade infrastructure in a frugal manner. The advanced machine learning and AI models can be scaled across various geographies. We are excited to partner with StashFin on this exciting journey.”
Started in February 2016 by entrepreneur Tushar Aggarwal, StashFin offers an innovative Credit Line Card in partnership with VISA that permits customers to access their credit facility with easy monthly instalments and zero annual fees.
Customers can order physical and virtual credit line cards that provide credit access across a broad array of digital payment infrastructure including POS machines, mobile wallets, and online payment gateway. Card features include free ATM withdrawals, lifetime free annual fees, free supplementary cards, and payback rewards.
On the funding, Tushar said, “We are sitting on a unique opportunity to enable millions of consumers to get closer to their dreams and improve financial inclusion. South Asia is on the cusp of a financial revolution. Our mission is to use technology to enable frictionless banking and services. We are excited to join hands with our new equity partners to pursue this neo-banking mission and grateful for the continued support from our existing investors. During these difficult times, most aspiring consumers can avail the credit line to study further or serve immediate family needs for health and everyday consumption.”
StashFin has witnessed 200X in the last couple of years, and is reportedly profitable.
The startup is also backed by other investors including Brett Rochkind, Managing Director at General Atlantic, and Renaud Laplanche, Founder and CEO of Upgrade, among others.