Fintech unicorn Moneyview, which is backed by Apis Partners, has tapped bankers for an initial public offering worth more than $400 million, two people aware of the matter told Mint. The Bengaluru company has appointed Axis Capital Ltd and Kotak Mahindra Capital Co. Ltd for the IPO, one of them said.
“The company has ₹15,000 crore in assets under management, among the largest in terms of new-age lending players,” this person added. Primary capital will make up a majority of the issue, the second person said.
Moneyview declined to comment, while queries sent to Axis, and Kotak, remained unanswered at the time of publishing.
Founded in 2014 by Sanjay Aggarwal and Puneet Agarwal, Moneyview offers a range of financial products including personal and home loans, credit cards, credit score tracking, motor insurance, and loans against property. The firm became a unicorn in September 2024 after raising capital from Accel and Nexus Venture Partners at a valuation of $1.2 billion.
Many fintech IPOs in the pipeline
The company’s IPO plan comes as several mid-sized fintech firms—particularly those with valuations under $1 billion—are preparing to go public, despite volatile markets and mixed investor sentiment. As Mint reported in April, fintech firms such as KreditBee, Kissht, Turtlemint and others are also in various stages of tapping the public markets.
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The second person mentioned above said fintech firms such as Moneyview are going ahead with IPOs to establish credibility and raise equity to maintain debt flow for lending. To manage risk, most institutional lenders or debt funds want fintech companies to maintain a minimum level of equity relative to borrowed funds to ensure they can absorb losses on bad loans.
Risky business
In April, experts told Mint most of fintech startups gearing up for IPOs are now profitable, which helps position them more favourably with retail and institutional investors. Despite this, it remains to be seen how the markets price new-age lending companies, which are a new cohort for the bourses.
A fintech-focused venture capital (VC) investor, who did not wish to be named, said RBI’s scrutiny of the sector has intensified over the past two years amid a surge in consumer debt driven by unsecured lending from non-banks, and banks refinancing high-interest credit card dues through personal loans.
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“In microfinance, rising NPAs (non-performing assets) had already signalled stress. The RBI foresaw similar risks in subprime consumer credit,” the investor said, adding, “VCs have pulled back amid anticipation of risk in the sector. Now as many of these early-stage lending startups have course-corrected and are eyeing IPOs to build credibility, markets are likely to closely watch NPA levels to assess whether the worst is behind us.”
Funding and financials
So far, Moneyview has raised nearly $188 million from Apis Partners, Accel, Nexus, Amica Financial Technologies, VCAPL, and Qed Innovation Labs.
For FY24, the company reported a 75% jump in revenue to ₹1,012 crore from ₹577 crore in FY23. Profit after tax rose marginally to ₹171 crore from ₹163 crore in FY23. The company hasn’t shared its revenue breakup but personal loans comprise a majority of its total income. Moneyview competes with Navi, Kissht, Kreditbee and others in the personal lending space.
Earlier this year Moneyview entered the competitive UPI market, taking on entrenched players such as PhonePe and Paytm, as well as newer entrants such as Navi and Super Money.
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