Moneyview

Last updated
Moneyview
Company type Private
Industry
  • Financial technology
  • Digital lending
Founded2014(10 years ago) (2014)
Founder
  • Puneet Agarwal
  • Sanjay Aggarwal
Headquarters Bangalore, Karnataka,
India
RevenueIncrease2.svg₹253.25 crore (US$32 million) (FY22) [1]
Increase2.svg₹17.72 crore (US$2.2 million) (FY22) [1]
Website moneyview.in

Moneyview is an Indian fintech company, based in Bangalore. [2] Its parent company is Whizdm Finance Private Limited, an Indian non-deposit non-banking financial company(NBFC-ND) registered with Reserve Bank of India [3] . Moneyview operates in the space of digital lending and money management. [4] Moneyview provides products like personal loans, personal finance manager, [5] EMI calculators, and credit score tracking. [6]

Contents

History

Moneyview was founded in 2014 [5] [7] by Puneet Agarwal and Sanjay Aggarwal with the aim of simplifying finances [7] and providing financial inclusion [4] to all Indians. The company initially started with providing a financial management app [5] for Android.

Moneyview received initial funding from Accel India and Ribbit Capital in 2014. [7]

In March 2016, Moneyview launched a Green Account platform with ICICI Bank [8] to allow users to save money regularly.

In November 2016, Moneyview shifted their primary focus to digital lending. [9] [10] Moneyview is a founding member [11] of the Digital Lending Association of India (DLAI). The DLAI comprises over 80 digital lending players; including Cred, Paytm, Experian, and RBL Bank; and represents around 85% of the transaction volume of the digital credit industry in India. [12]

In 2019, Moneyview partnered with Xiaomi to launch Mi Credit in India. [13] [14] This partnership ended in 2022, with the shut down of Mi Financial Services in India. [15] [16]

In September 2023, Moneyview received ISO 27001:2022 certification, [17] an international standard for management and protection of the confidentiality, integrity and availability of information handled by the company.

As of March 2024, the Moneyview loans app has been downloaded over 50 million times, and has over 2 million reviews with an overall rating of 4.7 on Google Play Store. [18] As of December 2022, Moneyview had an annualised disbursal run-rate of $1.2 billion, with over $800 million assets under management. [4]

Business model

Moneyview's digital lending works on a revenue-sharing arrangement with its lending partners, where the company bears the cost of acquiring and servicing customers, and the lender provides the capital. [19]

Moneyview has partnered with 15 financial institutions [20] to offer credit and financial products. These include DMI Finance, SMFG India Credit, Aditya Birla Capital, [21] IDFC First Bank, [22] Whizdm Finance, and others.

Funding

Moneyview is a Series-E funded company with multiple investors. Moneyview received its initial funding of ₹101.7M from Accel and Ribbit Capital on Oct 1, 2014.

As of September 2023, Moneyview has participated in 6 funding rounds and has raised a total of $183.7M from 13 investors. The latest funding was raised in December 2022 in a Series-E round. [23] [24] The objective of this round of funding is to scale the core credit business, and also expand Moneyview's product portfolio with additional services such as digital bank accounts, insurance, and wealth management solutions. [4] [25] [26]

Announced DateTransaction NameInvestorFund RaisedValuation
Oct 1, 2014Venture RoundAccel, Ribbit Capital₹101.7 M [7]
Apr 1, 2015Venture RoundAccel, Ribbit Capital, Tiger Global Management ₹529.1 M
Jan 31, 2016Series BAccel, Ribbit Capital, Tiger Global Management₹660 M
Dec 14, 2018Series CAccel₹1,000 M [27]
Mar 9, 2022Series DAccel, Evolvence India Fund, Tiger Global Management, Winter Capital$75 M [28] $625 M
Dec 26, 2022Series EApis Partner$75 M [4] Increase2.svg $900 M

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References

  1. 1 2 Kashyap, Hemant. "Money View Turns Profitable, FY22 Operating Revenue Surges To INR 253 Cr". Inc42 Media. Retrieved 21 March 2024.
  2. ↑ Singh, Ayush (Dec 27, 2022). "Money view; Bengaluru-based fintech company raises $75 million in its Series E funding". Business Outreach. Retrieved 21 March 2024.
  3. ↑ "List of Non-Banking Financial Companies (NBFCs) and Asset Reconstruction Companies (ARCs) registered with the Reserve Bank of India (RBI)" (PDF). rbidocs.rbi.org.in. Retrieved 2024-04-24.
  4. 1 2 3 4 5 Kapoor, Eetika. "Fintech company Money View raises $75 million in Series E funding led by UK's Apis Partners". Business Insider. Retrieved 21 March 2024.
  5. 1 2 3 Pillai, Shalina (Sep 24, 2015). "Money View: An app to manage your finances". The Times of India. ISSN   0971-8257 . Retrieved 21 March 2024.
  6. ↑ "Money View - Check CIBIL Score". moneyview.
  7. 1 2 3 4 Modgil, Shweta (Mar 31, 2016). "With 3 Mn Users In 2 Years, Here's How Money View Is Changing Fintech For Good". Inc42 Media. Retrieved 21 March 2024.
  8. ↑ "Money View & ICICI Prudential Mutual Fund Jointly Launch a New Age Digital Solution for Personal Savings". Moneycontrol. Mar 9, 2016. Retrieved 21 March 2024.
  9. ↑ Rao, Kembai Srinivasa. "Digital lending in India – Progress and prospects". The Times of India. Retrieved 22 March 2024.
  10. ↑ "Spend more this Diwali with access to Instant Cash from these Apps, cash providers". The Financial Express. 2019-10-18. Retrieved 21 March 2024.
  11. ↑ "Who Are We - Digital Lenders' Association of India". Digital Lenders' Association of India.
  12. ↑ "More Than 250 Indian and International Fintech Firms Participate in the 3rd Edition of Digital Lending Association of India Conclave 2019". The Week. Apr 3, 2020. Retrieved 21 March 2024.
  13. ↑ Mukherjee, Amritanshu (Dec 3, 2019). "Mi Credit launched in India for all Android phones, promises personal loans within 5 minutes". India Today. Retrieved 21 March 2024.
  14. ↑ Khan, Danish (Dec 3, 2019). "Xiaomi bets big on financial services in India". The Economic Times. Retrieved 21 March 2024.
  15. ↑ Kaur, Jaspreet (Oct 28, 2022). "Chinese Smartphone Maker Xiaomi Shuts Payment & Lending Apps In India". Inc42. Retrieved 21 March 2024.
  16. ↑ Singh, Manish; Mehta, Ivan (Oct 28, 2022). "Xiaomi winds down financial services business in India". TechCrunch. Retrieved 21 March 2024.
  17. ↑ "moneyview receives ISO certification for Information Security Management System(ISMS)" (Press release). moneyview. PR Newswire. Sep 27, 2023. Retrieved 21 March 2024.
  18. ↑ "Moneyview: Loans,Savings,CIBIL – Apps on Google Play". Google Play Store. Retrieved 21 March 2024.
  19. ↑ Upadhyay, Harsh; Manchanda, Kunal (Nov 15, 2022). "Money View turns profitable with 4X growth in scale during FY22". Entrackr. Retrieved 22 March 2024.
  20. ↑ "moneyview Lending Partners". moneyview. Retrieved 21 March 2024.
  21. ↑ "ABFL Partner Details". Aditya Birla Finance Limited. Retrieved 21 March 2024.
  22. ↑ "Whizdm Innovations Private Limited | IDFC FIRST Bank". IDFC FIRST Bank. Retrieved 21 March 2024.
  23. ↑ "Lending firm Money View raises $75 million in Series E funding led by Apis Partners". Moneycontrol. 2022-12-26. Retrieved 21 March 2024.
  24. ↑ "Money View raises $75 mn in funding round led by Apis Partners". The Financial Express. 2022-12-27. Retrieved 21 March 2024.
  25. ↑ "Money View raises $75 million led by Apis Partners, valuation jumps to $900 million". The Economic Times. Dec 26, 2022. Retrieved 21 March 2024.
  26. ↑ Singh, Manish (Dec 26, 2022). "Indian fintech Money View valued at $900 million in new funding". TechCrunch. Retrieved 21 March 2024.
  27. ↑ Upadhyay, Harsh. "Money View raises $75 Mn from Tiger Global and others at $625 Mn valuation". Entrackr. No. Mar 9, 2022. Retrieved 22 March 2024.
  28. ↑ Roy, Debjyoti (Mar 9, 2022). "Tiger Global-backed fintech startup Money View secures $75 mn in Series D round". Mint. Retrieved 22 March 2024.
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