Singapore-based neobanking firm bags $270m in series C money

Stashfin, a Singapore-based neobanking platform, has raised US$270 million in a series C round co-led by Uncorrelated Ventures, Fasanara Capital, and Abstract Ventures.

Team Stashfin/ Photo credit: StashFin

The round, a mix of equity and debt, values the startup at between US$700 million and US$800 million. Existing investor Tencent also participated in the round, investing in the form of a convertible debt instrument.

With nearly 10 million registered users, Stashfin operates in India and Southeast Asia. The company was founded in 2016 by Tushar Aggarwal, a former executive at Everstone Capital, a Mumbai-based private equity and real estate investment firm.

In partnership with payments titan Visa, Stashfin offers a credit line card. Customers can use both virtual and physical cards, which provide credit access across point-of-sales machines, mobile wallets, and online payment gateways. These cards also come with support for ATM withdrawals, monthly instalments, and payback rewards, among others.

Stashfin says that its monthly business has grown 10x in the last 12 months and currently has an annualized revenue run rate (ARR) of US$100 million. The company predicts its ARR will jump up to 5x to hit over US$400 million over the next 12 to 18 months.

See also: Series SEA: Who’s investing in the region’s fintech startups?

In April, Stashfin raised US$40 million in its series B extension funding from Altara Ventures and Uncorrelated Ventures.

Other investors in Stashfin’s latest round include:

• Altara Ventures
• Kravis Investment Partners
• Snow Leopard

Update (Jun. 22, 2.00 p.m. SGT): This article was updated to include Tencent’s participation in the funding round.