Neobanking startup Morus Technologies, which run StashFin, on Saturday said that it has raised $40 million (Rs 293.56 crore as per current exchange rates), closing the Series B equity funding round.
Altara Ventures and Uncorrelated Ventures joined the cap table in the latest round, a statement said.
Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe also invested capital in the round, along with returning investors Alto Partners, Snow Leopard Ventures and Positive Moves.
The Singapore based startup said it plans to use the fresh capital to expand its neobanking services across south Asia, double down on growth in existing markets, and strengthen its customer platform in local languages.
The company said it has raised a total of $55 million in the Series B round, but did not disclose the total capital raised since inception.
“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,” Tushar Aggarwal, founder and CEO of StashFin, said in the statement.
StashFin said it looks to tap into the $1 trillion neobanking market opportunity in south Asia. With 1,200 startups, Singapore takes up 52% market share for fintech startups in southeast Asia.
Founded in 2016 by Tushar Aggarwal, Shruti Aggarwal and Parikshit Chitalkar, the startup offers a credit line card in partnership with Visa, which gives customers access to credit facilities with zero annual fees and easy monthly installments, across an array of digital payment infrastructure including POS machines, mobile wallets, and online payment gateway. Available in physical and virtual formats, the card offers free ATM withdrawals, lifetime free annual fees, free supplementary cards, and payback rewards.
“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,” Koh Boon Hwee, chairman and general partner, investor Altara Ventures said.
The startup is also backed by Brett Rochkind, managing director of General Atlantic and Renaud Laplanche, founder and CEO of Upgrade, among others.