Despite the market downturn, Indian fintech Money View introduced on Monday that it has acquired $75 million in a contemporary funding spherical, its second this yr, because it seeks to scale its core credit score enterprise and develop further merchandise for the South Asian market.

Money View raised $900 million in a Series E funding spherical led by Apis Partners, rising its valuation from $615 million in a Series D funding spherical in March to $900 million. The enterprise said in an announcement that it nonetheless plans to amass further funds and that the spherical hasn’t concluded.

In October, TechCrunch reported that Money View was speaking to buyers about elevating as much as $150 million at a $1 billion valuation. The startup mentioned at the moment that it acquired cash from earlier backers Tiger Global, Winter Capital, and Evolence as nicely.

Customers who would usually lack a credit score rating and be unable to acquire credit score from banks and different monetary establishments can now take use of the eight-year-old startup’s customised credit score merchandise and monetary administration companies. Due to India’s small credit score bureau knowledge e-book, nearly all of individuals within the South Asian market are credit-ineligible. Fintechs function by means of a maze of regulatory arbitrage that’s more and more getting closed and modern underwriting applied sciences to lend to prospects.

According to the corporate, Money View is now dealing with over $800 million and disbursing loans totalling roughly $1.2 billion on an annual foundation. The agency reported $30.6 million in income and $2.14 million in revenue for the fiscal yr that led to March, claiming that it had been worthwhile for the earlier two years.

“Our performance and growth over the past two years has allowed us to drive our mission of true financial inclusion in India with great success,” mentioned Puneet Agarwal, founder and chief government of Money View, in an announcement. “We are thrilled to have Apis Partners join us in our journey and with their support, we look forward to becoming India’s leading online credit platform with innovative and holistic financial solutions.”

Money View said that it intends to make use of the extra capital to broaden its credit score firm, improve its product providing to incorporate companies like digital financial institution accounts, insurance coverage, and wealth administration, in addition to rent extra individuals.

Its contemporary funding comes at a time when deal stream exercise within the South Asian market has drastically decreased as buyers change into warier in writing new checks and assessing their underwriting fashions after the valuations of publicly listed firms fall sharply.

“Money View has achieved great success already, with their credit products democratising the access for millions of customers in India, and we are truly excited to partner with the company at this stage of its journey,” mentioned Matteo Stefanel, Co-founder and Managing Partner at Apis Partners, in an announcement.