Singapore-based neo-banking startup StashFin has completed a Series B Extension equity financing of US$40 million from a clutch of global investors.
New investors participating in the round include Altara Ventures and Uncorrelated Ventures with previous investments from Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe BV. Existing investors also participated in the round including Alto Partners, Snow Leopard Ventures and Positive Moves.
Founded in 2016, StashFin offers a pre-paid 'Credit Line Card' in partnership with Visa that permits customers to access anywhere from $10 to $6000 in credit repayable by monthly installments and zero annual fees. Users avail lower effective interest rates with a reset every quarter based on their risk assessment.
The company has been backed by a number of heavy-weight investors in financial services including General Atalantic MD Brett Rochkind and Upgrade founder Renaud Laplanche.
StashFin says the funds will be used to double down on its recent launch in India in partnership with SMB Bank and to stregthen the platform for local languages in Asian markets.