Moneyview Becomes a Unicorn

Moneyview, a consumer lending platform, has reached the coveted unicorn status after securing a fresh round of funding from existing investors, Accel India and Nexus Ventures. This marks a significant milestone for the Indian fintech startup.

• The company raised INR 38.64 crore (approximately USD 4.65 million) by issuing 60,23,382 equity shares at an issue price of INR 64.15 each.
• Accel India contributed INR 29 crore, while Nexus Ventures invested INR 19 crore.

Valuation Surge

Following this latest funding round, Moneyview's post-valuation stands at INR 10,086 crore, or USD 1.2 billion, according to data from TheKredible, a startup intelligence platform. This represents a considerable increase from its December 2022 valuation of USD 900 million when Tiger Global led a USD 75 million funding round.

Expanding Services Through Acquisition

Moneyview has also expanded its portfolio through the acquisition of Jify, a Mumbai-based employee benefit startup. Jify offers a zero-cost, real-time salary advance platform for employees, providing them with on-demand access to their earnings.

• Jify had previously secured USD 10 million in funding from Accel and Nexus Venture Partners in June 2022.
• The acquisition was executed via a share swap, where Accel and Nexus, Jify's existing investors, were allotted shares in Moneyview.

Strategic Integration

Through this acquisition, Moneyview aims to broaden its financial services by incorporating employee-focused solutions and enhancing its credit, savings, and investment offerings. This strategic move will deepen the platform's reach into the underserved workforce.

A History of Growth

Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview has disbursed over INR 12,000 crore in loans to date. The company offers a diverse range of financial products, including personal and home loans, credit cards, motor insurance, and loans against property. Moneyview achieves this through its own NBFC, Whizdm Finance, and partnerships with institutions like DMI Finance, Northern Arc, and Oxyzo.

Joining the Unicorn Club

Moneyview joins a growing list of Indian startups that have attained unicorn status in 2024, including Krutrim, Perfios, Porter, Rapido, and Ather.

Key Highlights

• Moneyview, a consumer lending platform, has become a unicorn.
• The startup raised INR 38.64 crore from Accel India and Nexus Ventures.
• Moneyview's valuation now stands at USD 1.2 billion.
• The company acquired Jify, an employee benefit startup, to expand its financial services.

Conclusion

Moneyview's achievement of unicorn status highlights the burgeoning fintech landscape in India. The company's focus on providing accessible and innovative financial solutions has propelled its growth. With its recent acquisition and expansion of services, Moneyview is poised to continue its journey of success and further solidify its position as a prominent player in the Indian fintech ecosystem.