Fintech startup Stashfin raises $100 million in debt to improve financial inclusion

Singapore-based neo-banking platform Stashfin has announced the raise of $100 million in debt from InnoVen Capital, Trifecta Capital, and a slew of other domestic investors.

The large ticket fundraise follows the company’s Series C round, in May 2022, where it raised $270 million ($200 million in debt and $70 million in equity) led by Uncorrelated Ventures Fasanara Capital, with participation from Abstract Ventures and other investors.

To date, Stashfin has raised nearly $430 million in equity and debt financing from several investors. It was valued at $730 million in the last funding round in June 2022.

Stashfin says it will use the fresh funds to optimise its portfolio for potential securitisation, better customer experience and further improve financial inclusion, the company said in a statement.

Founded in 2016, Stashfin offers a credit line card in partnership with the payment network provider, VISA to under-represented societies. The company’s physical and virtual cards provide credit access across a broad array of digital payment infrastructure, including point-of-sale machines, mobile wallets, and online payment gateways.

The startup claims that it offers its services to over 10 million registered customers and is currently on the trajectory of hitting $100 million in annualized revenue. The startup says it is issuing close to 100,000 new cards each month.

The company was acquired by Singapore-based Morus Technologies in 2017, one year after its inception.