Moneyview, a leading fintech company in India, has officially become a unicorn, marking a significant milestone in its growth.
This achievement comes after a successful funding round and the acquisition of Jify, an employee benefits startup.
With its valuation now reaching $1.2 billion, Moneyview joins the exclusive club of Indian startups that have achieved unicorn status in 2024.
Funding Round Details
In its latest funding round, Moneyview raised $4.6 million (approximately ₹38.64 crore) from its existing investors, Accel India and Nexus Ventures.
This round saw the issuance of more than 6 million equity shares, boosting the company’s valuation from $900 million in December 2022 to $1.2 billion.
This rise in valuation underscores Moneyview’s impressive performance and growing influence in the fintech market.
What Does Moneyview Do?
Founded in 2014, Moneyview offers a wide range of digital financial solutions aimed at simplifying money management for its users.
The company primarily focuses on providing personal loans, credit cards, and financial management tools.
Moneyview’s easy-to-use app allows users to track their expenses, manage budgets, and access instant personal loans with minimal paperwork.
Their personal loan service, one of their flagship products, enables users to borrow up to ₹5 lakh with quick approval and minimal hassle.
Moneyview’s focus is on making financial services more accessible to the underserved population in India, particularly individuals with limited access to traditional banking solutions.
Company Growth and Financial Performance
Moneyview’s financial performance has been remarkable. The company saw its operating revenue grow by 2.6 times to ₹577 crore in FY23.
At the same time, its profits surged 27 times to ₹163 crore, reflecting its growing market penetration and customer base.
These figures highlight Moneyview’s strong financial footing and its ability to scale its business operations efficiently.
Acquisition of Jify: What Does Jify Do?
Alongside its funding success, Moneyview has also acquired Jify, a startup focused on improving employee financial wellness.
Jify offers a platform that allows employees to access their earned wages in real-time without having to wait for payday.
This solution provides greater financial flexibility to employees, helping them manage unexpected expenses or cash flow shortages without resorting to costly short-term loans.
The acquisition was executed through a share swap, where Jify’s investors received shares in Moneyview.
This strategic acquisition strengthens Moneyview’s portfolio by adding a new dimension to its financial services, focused on employee welfare and salary management.
What Does This Mean for Moneyview?
Moneyview’s unicorn status and the acquisition of Jify signal a new chapter for the company.
By expanding its range of services, including the integration of Jify’s employee benefits platform, Moneyview is poised to diversify its offerings and enhance its value proposition for both consumers and businesses.
This positions the company for further growth in the competitive fintech space, where digital financial solutions are in high demand.
Milestone Achievement
Moneyview’s rise to unicorn status in 2024 is a testament to its sustained growth and innovation.
By offering accessible financial services and acquiring strategic assets like Jify, Moneyview is well on its way to becoming a leading player in India’s rapidly evolving fintech landscape.
