The round was backed by new investors including Altara Ventures and Uncorrelated Ventures Credit: Chronis Yan on Unsplash

StashFin, a neobank headquartered in Singapore, has secured $40m in series B extension financing.

The round was backed by new investors including Singapore’s Altara Ventures and US-based Uncorrelated Ventures.

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The pair was joined by Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe BV.

Existing backers Alto Partners, Snow Leopard Ventures and Positive Moves also joined.

Utilising the fresh capital, StashFin intends to pursue neo-banking across South Asian markets.

It also aims to drive growth in existing markets as well as enhance the customer platform for local languages with the money.

StashFin founder and CEO Tushar Aggarwal said: “We are sitting on a unique opportunity to enable millions of consumers to get closer to their dreams and improve financial inclusion. South Asia is on the cusp of a financial revolution.

“Our mission is to use technology to enable frictionless banking and services.”

Salil Deshpande from Uncorrelated Ventures said: “The team has built extremely compelling bank grade infrastructure in a frugal manner. The advanced machine learning and AI models can be scaled across various geographies.”

Established in 2016, StashFin has collaborated with Visa to provide a credit line card. Customers can get physical and virtual cards, and access their credit facility with monthly instalments without any annual fee.

The cards provide credit access across digital payment infrastructure such as PoS machines, mobile wallets, as well as online payment gateways.

Funding initiatives by other Singapore firms

Earlier this year, Grab Financial Group raised over $300m in its Series A funding round to expand its fintech business. The round was led by South Korea’s Hanwha Asset Management.

In May 2020, Singapore-based fintech startup GoBear received $17m in funding from existing investors Walvis Participaties and Aegon N.V.

The company said that it will use the infusion to expand its consumer financial products and services in Asian markets.