While Accel has invested Rs 19.5 crore in Moneyview, Nexus has invested Rs 19.1 crore. This could be part of a larger funding round
According to Inc42’s calculations, the fintech startup was valued at $1.2 billion in the funding round, making it the sixth startup to become a unicorn in 2024 so far.
At the same time, Moneyview announced the acquisition of the earned salary access platform Jify to diversify its offerings.
Lending technology startup Moneyview has earned the coveted unicorn title after raising INR 38.6 crore (approx. $4.6 million) in an equity funding round from Accel India and Nexus Ventures.
Earlier this month, the startup’s board approved the issue and allotment of 60.23 lakh equity shares to Accel and Nexus Ventures at INR 64.15 each. While Accel has invested INR 19.5 crore in the startup, Nexus has invested INR 19.1 crore, according to its filings with the Ministry of Corporate Affairs.
According to Inc42’s calculations, the startup was valued at $1.2 billion in the funding round, making it a unicorn. The development was first reported by Entrackr.
This comes shortly after the startup’s board of directors passed a special resolution to raise INR 250 crore (approx. $29.8 million) debt from unidentified investors through a private placement of non-convertible bonds.
Additionally, it was also reported that Moneyview was in talks to raise $50-60 million in its Series F funding round. The funding raised from Accel and Nexus could be part of a larger funding round. However, Inc42 could not verify this. An email sent to the startup did not receive any response till the time of publishing this article.
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview offers personal loans, personal finance management solutions and credit monitoring tools. It competes with Flexiloans and Fibe, among others.
Prior to this funding, Moneyview raised $75 million in Series E funding round led by Apis Partners with a valuation of $900 million in December 2022.
Moneyview announced in a statement on Thursday, September 12, that it has acquired the payroll platform Jify. Moneyview said the acquisition of the fintech startup would allow it to diversify its range of financial products from credit to savings and investment products. However, it did not disclose the amount of the acquisition.
Following the latest fundraising, Moneyview has become the sixth startup to enter the unicorn club this year after Krutrim, Perfios, RateGain, Ather Energy and Rapido. Earlier this month, Rapido raises $200 million in a Series E funding round led by existing investor WestBridge Capital at a valuation of $1.1 billion.