Singapore-based neobanking platform Stashfin has raised $270 million in equity and debt in Series C round led by global investors, including Uncorrelated Ventures, Fasanara Capital, and Abstract Ventures.
Existing investors including Altara Ventures, Kravis Investment Partners, and Snow Leopard also participated in the round. The new round values Stashfin between $700 million and $800 million.
In the past twelve months, Stashfin saw 10x growth in its monthly business and is currently nearing an Annualised Revenue Run Rate (ARR) of $100 million. The company has registered nearly ten million customers on its platform since inception and is projected to grow 4-5x this year with ARR expected to grow to $400 million over the next 12-18 months, the company said in a press release.
Founded in 2016, Stashfin helps the under-represented build their credit footprint. The fintech company focuses on high-quality automated AI/ML-based underwriting.
“The fundraise is a key milestone in this challenging macro environment. Stashfin began with the purpose to serve the underserved and unserved segments of our society, and it’s heartening to see this manifesting in rapid business growth impacting millions of our customers’ lives. 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.
According to a statement by the company, Stashfin Credit Line Cards allow users to avail instant credit with minimum paperwork as well as transact across channels, including free ATM withdrawals, virtual and physical card with exclusive rewards and offers across shopping, dining, traveling and other needs.
Stashfin offers customised solutions to its customers powered by its proprietary AI-based technology. The startup recently launched #LiveBoundless – a credit line card for women.