Taking financial services to grassroots
Over the last year there has been a dramatic comeback in the personal loan segment, reflecting an increase in household debt as cash flows for individuals declined amid sluggish credit growth nationwide in the wake of the pandemic and decline in economic activity.
Personal loans are often associated with lengthy bank procedures and lots of paperwork. But, in today’s scenario nobody has time for that, intending to change that Money View, a Bengaluru-based financial platform run by Whizdm Inno Ltd, was founded. Money View is an online credit platform co-founded by Puneet Agarwal and Sanjay Aggarwal in 2014 that offers a full suite of tailored credit products such as fast personal loans, cards, BNPL, and personal financial management tools. To offer credit/financial products on its website, the firm has partnered with over 15 financial institutions.
The company aims to make financial services accessible to every person of the country and has patented big data models that enable a 360-degree risk assessment, allowing underserved areas to obtain loans.
Recently it acquired $75 million in Series D funding from Tiger Global, Winter Capital, Evolvence India, Accel, and Dream Incubator and others.
Money View’s CEO and Co-Founder, Puneet Agarwal, stated,
“We believe India is one of the most underserved large economies when it comes to access to credit. We are extremely delighted to have partnered with marquee investors who trust in this vision of ours to make credit accessible to every Indian. We will continue to invest in strengthening our partnerships and hiring the best talent.”
With over 1 million weekly app downloads, the company serves over 200 million underserved people who are frequently overlooked by banks and other financial institutions. Money View’s solid digital technology and frictionless user experience allows it to spread across India, with 75% of users hailing from Tier II and III cities. The new money will be used as growth capital to scale the core credit business, grow the workforce, and expand the company’s product offering with services such as digital bank accounts, insurance, and wealth management solutions.