Neobank StashFin closes $40m in series B extension funding

Singapore-based neobank StashFin said it has raised US$40 million in its series B extension funding from Altara Ventures and Uncorrelated Ventures.

Integrated Capital, Kravis Investment Partners, Saison Capital, and Tencent Cloud Europe BV, along with existing investors Alto Partners, Snow Leopard Ventures, and Positive Moves also joined in the round.

Photo credit: StashFin

Founded in 2016, StashFin offers its credit line card in partnership with Visa to provide customers with access to its credit facility.

Customers can have both physical and virtual cards, which provide credit access across digital payment infrastructure including point-of-sales machines, mobile wallets, and online payment gateways. The cards offer ATM withdrawals, monthly installments, and payback rewards as well as free annual fees and supplementary cards.

StashFin says it has achieved profitability and posted 200x growth over the last few years.

With a team of 200 employees, the company plans to use the funds to expand its neobanking solution across South Asia, double down on existing markets, and strengthen the customer platform for local languages.

With nearly 1,200 fintech startups and a 52% market share in Southeast Asia, Singapore has become a regional hub for the industry, according to StashFin. The firm added that it’s tapping into South Asia’s neobanking market, which is estimated to be worth US$1 trillion.

StashFin’s early investors include Brett Rochkind, managing director at General Atlantic, and Renaud Laplanche, founder and CEO of Upgrade, among others.