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StashFin raises $40 mn in Series B extension

The company is planning to use this fund to carry out neobanking pan South Asia

Singapore-based neobank StashFin has raised $40 million in Series B extension equity financing, according to the media. The funds will be used by the startup to expand in South Asia.

The new round of investors includes Altara Ventures and Uncorrelated Ventures. It also had previous investments from Integrated Capital, Kravis Investments Partners, Saison Capital and Tencent Cloud Europe BV along with existing partners Alto Partners, Snow Leopard Ventures and Positive Moves. The company is planning to use this fund to carry out neobanking pan South Asia. It also aims to bifold on its plan to grow in the existing markets and boost the customer platform for the local ones.

StashFin was founded in 2016 and it offers an innovative credit line card in partnership with VISA. This allows customers to access their credit facility with easy monthly instalments and zero annual fees. Customers also get to place an order for physical and virtual credit line cards that gives access across a broad range of digital payment infrastructure. It includes POS machines, mobile wallets and an online payment gateway.

The company is currently backed up by various bulk investors in the financial services including Brett Rochkind and Renaud Laplanche among others. It plans to tap into the potential $1 trillion neobanking market opportunity in South Asia. It is to note that the company has built a neobanking model that focuses on B2C conditions that have attracted millions of applicants.

Tushar Aggarwal, founder and CEO of StashFin addressed the media and said, “We are sitting on a unique opportunity to enable millions of consumers to get closer to their dreams and improve financial inclusion.”He also added that South Asia is on the cusp of a financial revolution and its mission is to use technology to enable frictionless banking and services.

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