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Singapore-based neobanking platform Stashfin, which only serves the India market, on Tuesday raised $270 million in its Series C equity and debt round led by global investors including Uncorrelated Ventures, Fasanara Capital and Abstract Ventures.

The new round values Stashfin between $700-$800 million. The platform said it will use the funds to expand its footprint in Southeast and South Asia and upgrade its technology for new products.

"The fundraise is a key milestone in this challenging macro environment. We are now at the cusp of transforming into a compound startup, offering multiple financial products for consumers with a wide spectrum of credit risks," said Tushar Aggarwal, Founder and CEO, Stashfin.

Existing investors in the round were Altara Ventures, Kravis Investment Partners and Snow Leopard.

Founded in 2016, Stashfin saw 10 times growth in its monthly business in the pasr 12 months, and is currently nearing an annualised revenue run rate (ARR) of $100 million.

The startup said it has registered nearly 10 million customers on its platform since inception and is projected to grow 4-5 times this year, with an ARR expected to grow to $400 million over the next 12-18 months.

"Digital retail lending in India is growing fast. Stashfin's product and technology stack are impressive and enviable, as are their underwriting sensibilities," said Salil Deshpande, Founder and General Partner of Uncorrelated Ventures.

"We are confident that Stashfin will be successful in delivering value to consumers at scale to make a meaningful impact on the Indian digital lending landscape," added Francesco Filia, Co-founder and CEO, Fasanara Capital.

Stashfin is a neobanking platform that empowers customers by improving their financial health, offering flexibility and affordable interest rates to reduce the financial burden for users.