Singapore-Based Neobank to Expand in South Asia
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Morus Technologies, which runs neo banking platform StashFin, has raised $40 million in Series B extension financing to expand across the subcontinent.
The company plans to use the funds to pursue neo banking across South Asia, double down on its plan to grow in existing markets, and strengthen the customer platform for local languages, it said in an announcement.
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. Existing investors also participated in the round including Alto Partners, Snow Leopard Ventures, and Positive Moves.
In the announcement, StashFin noted a $1 trillion neo banking market opportunity in South Asia. 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, Tushar Aggarwal, founder, and CEO of StashFin, said.
Founded in 2016, the platform offers a credit line card in partnership with Visa that allows customers to access their credit facility with monthly installments and zero annual fees. The virtual and physical card provides credit access across a broad array of digital payment infrastructure, including POS machines, mobile wallets, and online payment gateways.
Questions & Answers
Q.What is the primary purpose of the $40 million Series B extension financing?
What is the primary purpose of the $40 million Series B extension financing?
Morus Technologies intends to use the funds to expand its neo banking operations throughout South Asia. It will also strengthen its customer platform for local languages and grow in existing markets.
Q.Which new investors contributed to this funding round?
Which new investors contributed to this funding round?
New investors participating in the Series B extension financing include Altara Ventures and Uncorrelated Ventures. Several existing investors also contributed to the round.
Q.What kind of product does StashFin offer its customers?
What kind of product does StashFin offer its customers?
StashFin offers a credit line card, in partnership with Visa, that allows customers to access credit. This card supports monthly instalments and has no annual fees.
Q.How large is the potential neo banking market opportunity in South Asia, according to StashFin?
How large is the potential neo banking market opportunity in South Asia, according to StashFin?
StashFin noted a significant $1 trillion neo banking market opportunity within South Asia. The CEO believes this represents a chance to improve financial inclusion for millions of consumers.
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