Singapore-headquartered neo-banking platform StashFin has finalized a Series B extension equity financing valued at $40 million from several international investors.
New investors taking part in StashFin‘s investment round included Altara Ventures and Uncorrelated Ventures along with contributions from investors such as Integrated Capital, Kravis Investment Partners, Saison Capital, and Tencent Cloud Europe BV.
Existing investors that took part in StashFin’s round include Alto Partners, Snow Leopard Ventures, and Positive Moves.
Established in 2016, StashFin provides a pre-paid ‘Credit Line Card’ through a partnership with payments giant Visa. The card allows clients to access it from almost anywhere from $10 to $6000 in credit – which may be repaid in flexible monthly installments while incurring zero annual fees. Users can take advantage of lower interest rates with a reset each quarter based on their overall risk assessment scores.
StashFin has been supported by major investors who are quite active in the financial services sector including Brett Rochkind (General Atlantic Managing Director) and Renaud Laplanche (Upgrade founder).
StashFin’s management noted that the capital acquired would be used to expand operations in India via a partnership with SMB Bank. The funds may also be used to further enhance the platform for local languages in Asia-based markets.
StashFin, which was launched back in 2016, has been working cooperatively with various banking and finance companies including Cit, Goldman Sachs, Kabbage, and Merrill Lynch (in India and the United States).
Tushar Aggarwal, Founder and CEO at StashFin, stated:
“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, Chairperson and General Partner at Altara Ventures, noted that the VC firm has witnessed “explosive growth” by StashFin during the past few years.
Salil Deshpande, General Partner at Uncorrelated Ventures, remarked:
“The team has built extremely compelling bank-grade infrastructure in a frugal manner. The advanced machine learning and artificial intelligence models can be scaled across various geographies.”
