This news comes on the heels of its Series C round. The company plans to use the funding to drive geographical expansion. Here are the top-line bullets you need to know.
Stashfin, a neo-banking platform, has raised $270M in a mix of debt and equity. The $70M Series C round drew participation from Abstract Ventures, Uncorrelated Ventures, Fasanara Capital, and Altara Ventures, among others. The debt financing of $200M was provided by undisclosed investors.
HOW’S THE COMPANY PERFORMING?
- India-based Stashfin offers credit to young people and other individuals that make less than $500 per month.
- Its monthly business has grown by 10x over the past year.
- Stashfin has brought around 10M customers onto its platform to date. It is currently issuing around 100K new cards every month.
- It is approaching an annualized revenue run rate (ARR) of $100M.
WHY DOES THE MARKET MATTER?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.
- Covid-19 has also accelerated the adoption of digital lending services across sectors.
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