SINGAPORE, April 5, 2021 /PRNewswire/ -- Singapore-based neo-banking startup Morus
Technologies Pte Ltd 'StashFin' has announced the successful
completion of Series B Extension equity financing of USD 40 million from a clutch of global investors.
New investors participating in the round include Altara
Ventures and Uncorrelated Ventures with previous
investments from Integrated Capital, Kravis Investment
Partners, Saison Capital and Tencent Cloud Europe BV. Existing investors
also participated in the round including Alto Partners, Snow
Leopard Ventures and Positive Moves. The Company plans to use the
funds to pursue neobanking across South
Asia, double down on its plan to grow in existing markets
and strengthen the customer platform for local languages.
Founded in 2016, StashFin offers an innovative Credit Line Card
in partnership with VISA that permits customers to access
their credit facility with easy monthly installments 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. The team has worked with reputed firms in the Banking and
Financial Services space, such as Merrill Lynch, Citi, Goldman
Sachs, Kabbage, etc. in India and
the USA. The Company has serviced
millions of customers and has been ranked one of the best startups
to work for by LinkedIn.
The Company has been backed by a number of heavy-weight
investors in financial services including Brett Rochkind (Managing Director at General
Atlantic), Renaud Laplanche (Founder
and CEO of Upgrade) amongst others.
StashFin taps into the potential USD 1
trillion neobanking market opportunity in South Asia. It has built a neobanking model
that focuses on B2C use cases, attracting millions of applicants
thus far. StashFin is among the growing global list of neo-banking
startups including N26, Chime, NuBank and Revolut
that are providing digital banking services in various developed
and emerging markets.
Tushar Aggarwal, Founder &
CEO of StashFin 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 neobanking 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."
Koh Boon Hwee of Altara
Ventures commented, "We believe that technology provides
the means to financial inclusion and democratisation. Despite the
adverse macroeconomic conditions, we continue to partner with
Tushar and his team; they are passionate founders, with a strong
innovative product built on a robust technology platform that is
addressing a huge market opportunity. We have seen explosive
growth by StashFin over the last few years."
Salil Deshpande from
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."
Media Contact:
Mansi Sheth
mansi@veritasreputation.com
Logo:
https://mma.prnewswire.com/media/1480608/StashFin_logo.jpg