The fintech unicorn has obtained shareholders’ nod to convert to a public company and change its name to ‘Moneyview Limited’ from ‘Moneyview Private Limited’ earlier

The board of Moneyview said it “has reviewed the current economic landscape and identified growth opportunities for the company” through an IPO

Moneyview is expected to raise $400 Mn through the planned IPO

Fintech unicorn Moneyview, which counts Accel, Tiger Global Management and Ribbit Capital among its backers, has converted into a public company as it readies for an initial public offering (IPO).

According to the company’s MCA filings accessed by Inc42, shareholders of Moneyview approved the conversion of the company into a public entity and to alter its name to ‘Moneyview Limited’ from ‘Moneyview Private Limited’ in their extraordinary general meeting on May 30.

The lending tech startup further stated that transitioning to a public company is “necessary” to float an IPO, adding that the move will bolster its credibility and give it access to a deeper pool of capital.

Moneyview declined to comment on Inc42’s queries on the development, which was first reported by Entrackr.

Fintech Startup IPOs Gain Momentum

This comes less than a week after Inc42 reported that the Bengaluru-based fintech giant changed its parent company’s name to Moneyview Private Limited from ‘Whizdm Innovations Private Limited’. The strategic move was aimed at aligning its corporate identity with its consumer-facing brand ahead of filing its draft red herring prospectus (DRHP) with markets regulator SEBI.

Moneyview is expected to raise about $400 Mn (around INR 3,420 Cr) through the planned IPO. The fintech company has tapped Axis Capital, Kotak Mahindra Capital, among others, as bankers for its public issue.

Founded in 2014 by Sanjay Aggarwal and Puneet Agarwal, Moneyview offers a range of financial products such as personal and home loans, credit cards, credit score tracking, motor insurance and loans against property.

The fintech startup last raised INR 38.6 Cr (around $4.6 Mn) from Accel India and Nexus Ventures in a funding round last year, which catapulted it to unicorn status. In all, it has raised upwards of $188 Mn in funding to date and also counts Apis Partners and Evolvence India Fund among its backers.

Moneyview’s IPO plan comes as several new-age fintech companies are preparing to go public. In May, investment tech startup Groww filed confidential IPO papers with SEBI. Fintech giants Pine Labs, PhonePe and Razorpay recently converted to public entities, setting the stage for their potential IPOs. The likes of PayU, Kissht, Turtlemint and KreditBee are also in various stages of their IPO preparations.