StashFin, a Singapore-based startup, plans to use $40 million, its recent funds raised for neobanking across South Asia. The company plans to further expand its current market in South Asia and strengthen its platform for local language users. With this, StashFin ventures into the potential $1 trillion neobanking opportunities. Previously, it had built a model that focused on B2C use cases, which attracted millions of applicants. The company is one of the growing global neo-banking startups. Others include Chime, N26, Revolut, and NuBank. Each of these startups is providing digitally based banking services to developed and emerging markets.
Founder & CEO of StashFin, Tushar Aggarwal said that the company has been blessed with the opportunity to enable its consumers to get close to their goals. He believes that South Asia is on a journey of financial revolution and StashFin’s mission is to leverage technology and provide seamless services and banking.
$40 million in Series B Extension round
The neobanking startup raised $40 million from a bunch of global investors as a part of its Series B Extension round. In this round, the new investors who participated were Uncorrelated Ventures and, Altara Ventures. Existing investors Positive Moves, Kravis Investment Partners, integrated Capital, Alto Partners, Tencent Cloud Europe BV, Snow Leopard Ventures and, Saison Capital also participated in this round.
Koh Boon Hwee of Altara Ventures believes that technology is one way through which one can provide financial democratization and inclusion. He further said that despite the macroeconomic conditions, Altara Ventures wants to partner with StashFin because they have seen the company grow and believe in their innovative product.
Snow Leopard Global’s Chris Kolenaty also said that StashFin has continued to stay strong and grow despite the pandemic. He sees a potential in the personnel-lite, frictionless neo banking opportunity and wants to remain invested and support the business.Neobanking startup StashFin to expand its service across South Asia.
StashFin offers an array of digital payments
StashFin was founded in 2016. The company is in partnership with VISA and offers a Credit Line Card. VISA allows its customers to access their credit facility with zero annual fees and easy monthly installments. StashFin allows its customers to order virtual and physical credit line cards that provide credit access to various digital payment infrastructures such as mobile wallets, POS machines, and online payment gateway. The card features lifetime free annual fees, ATM withdrawals, Payback rewards and free supplementary cards. Singapore, with approximately 1,200 FinTech startups, owns a 52% market share in South East Asia and is now the hub for the FinTech industry.