Credit: Nattanan Kanchanaprat from Pixabay.

Singapore-based neobank Stashfin has secured $270m, through equity funding and debt, to support its expansion plans.

The company has raised $70m in equity funding and remaining $200m as debt. Several investors including Uncorrelated Ventures, Fasanara Capital and Abstract Ventures participated in the new round.

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According to news reports, the neobank plans to use the proceeds to expand its business in South and Southeast Asia. A portion of the funding amount will also be used to enhance new products.

Currently, Stashfin is valued between $700m and $800m.

Commenting on the fundraising, Stashfin founder and CEO Tushar Aggarwal said: “We are now at the cusp of transforming into a compound start-up, offering multiple financial products for consumers with a wide spectrum of credit risks.

“We have launched some exciting products and onboarded an extremely talented team.”

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Uncorrelated Ventures founder and general partner Salil Deshpande said: “Stashfin’s product and technology stack are impressive…The underwriting platform is not only profitable, but scales with attractive unit economics amid challenging market conditions.”

Established in 2016, StashFin is a digital lending venture offering credit lines to customers. It has a non-banking financial company (NBFC) licence in India offering credit through a Visa card.

In April last year, the start-up raised $40m in a round backed by Altara Ventures and Uncorrelated Ventures.

Several other investors including Integrated Capital, Kravis Investment Partners, Saison Capital and Tencent Cloud Europe and existing backers Alto Partners, Snow Leopard Ventures and Positive Moves also joined.