The platform has evolved from a personal finance management application into a multi-product digital financial services platform. In FY2017, Moneyview launched personal loans in partnership with lending institutions. Personal loan is flagship product offering instant and fully digital loans of up to Rs 10 lakh, with flexible repayment tenures of up to 60 months. Each loan is personalized through in-house AI/ML segmentation and risk models, which assess users using a broad spectrum of traditional and alternative data sources. The personal loan offering continues to be a key driver of revenue with an AUM Rs 22520 crore servicing 66.1 lakh users at end June 2026.

In FY2020, Moneyview commenced on balance-sheet lending through its material subsidiary, Whizdm Finance (WFPL). WFPL’s Portfolio Loans increased from Rs 2037 crore at end March 2024 to Rs 5657 crore at end June 2026. Its Gross Stage 3 loans stood at 2.72% and net stage 3 at 0.59% with healthy PCR of 78.93% at end June 2026.

The digital-only approach allows to achieve pan-India reach, operate at scale, and deliver a seamless user experience. Moneyview served 99.04% of pin codes across India with no physical branches, processing close to 2 lakh loan applications per day with minimal human intervention.

Moneyview has 14.03 crore registered users, of which it has monetized 1.19 crore users through its platform. It primarily serves the aspirational and digitally savvy mass middle class in India seeking transparent, personalized, and seamlessly delivered financial products tailored to their evolving needs. About 79.54% of users resides in Tier 2 and beyond cities, with average age of 32 years.

Moneyview operates as a lending service provider (LSP) partnering with 22 regulated entities (REs) to provide personal loans to user base. Personal loans facilitated through platform are disbursed through two channels – a. platform partners comprising of banks and NBFCs integrated on platform and (ii) its own NBFC subsidiary WFPL. For loans facilitated through Platform Partners, Moneyview earns origination fees (user acquisition/onboarding) and servicing fees (lifecycle management/collections). Credit loss is shared via Default Loss Guarantee (DLG) up to 5% of the portfolio. For loans facilitated through own NBFC subsidiary WFPL, Moneyview earns origination fees and Net Interest Margin, bearing the entire credit risk.

The founder and promoters, Puneet Agarwal is MD&CEO and Sanjay Aggarwal is ED & Chief Technology Officer. The company is backed by marquee investors like Accel, Tiger Global, Ribbit Capital and others.

The total employee count is 798 employees at end June 2026.

The Offer and the Objects

The initial public offer (IPO) consists of fresh issue of shares to raise Rs 750 crore through issuance of 23.44 crore equity shares at the lower band of Rs 32 per share (face value Rs 1 per share) and 22.06 crore equity shares at the upper band of Rs 34 per share.

The issue also consists of Offer for Sale (OFS) of 10.05 crore equity shares to raise Rs 321.58-341.68 crore. Among the promoters, Puneet Agarwal and Sanjay Aggarwal are selling 1.35 crore equity shares each and in the promoter group, Chitra Agarwal is selling 0.19 crore equity shares. The promoter shareholding would decline to 19.31% from pre-IPO level of 23.96%.

The issue is to be made through the book-building process and will open on 24 September 2026 and will close on 28 September 2026.

The company proposes to utilize Rs 575 crore from the net proceeds towards 1. investment in Default Loss Guarantee (DLG) arrangements with allocation of Rs 325 crore to be provided Rs 125 crore in FY2027 and Rs 200 crore in FY2028 and 2. investment in Material Subsidiary Whizdm Finance of Rs 250 crore to augment its capital base by subscribing to equity shares in FY2027. The DLG funding supports continued credit distribution growth and compliance with regulatory requirements. The capital infusion will strengthen WFPL‘s balance sheet, support loan portfolio expansion, improve credit ratings, and secure more cost-efficient borrowings.

Strengths

Moneyview has a large and growing users base to support future growth. Registered Users increased at a CAGR of 27% from 8.33 crore end March 2024 to 13.41 crore at end March 2026, and rose to 14.03 crore end June 2026. Large user base drives data depth and lowers customer acquisition costs.

Monetized users (customer availing loans) as a % of registered users rose from 5.55% at end March 2024 to 8.48% at end June 2026.

Loan disbursals grew by 31.08% from FY2025 to FY2026 alongside improved marketing efficiency.

The company has demonstrated high user stickiness and sustained user engagement over time, as reflected in the rising share of Repeat AUM to 62.7% end June 2026 from 42.1% end march 2024.

In-house models are trained on analysis of over 100,000 data variables allowing granular user segmentation.

Operates an asset-light framework, managing 75% off-balance sheet via lending partners and 25% via its own NBFC.

Real-time data analytics allows the platform to identify trends early, tighten risk parameters, and refine assessment thresholds.

The credit losses rate declined from 7.93% in FY2024 to 7.07% in FY2025 and to 6.95% in FY2026, even as industry-wide delinquency levels increased with the industry average rising from 7.80% to 8.29% over the same period.

Technology and AI led operating model enables to offer a fully unassisted, seamless user journey, ensuring accessibility, scalability, and cost efficiency.

More than 50% of workforce was engaged in technology and data roles, reflecting sustained investment in building in-house capabilities. These investments have translated into improved operational efficiency, with Operating Expenses as a percentage of total income declining from 56.42% in FY2024 to 34.84% in FY2026 and further to 34.14% in Q1FY27.

In-House Platform provides complete control, faster time-to-market, and the ability to build non-standard product structures (e.g., dynamic pricing, flexible repayment schedules) unlike legacy banking systems.

Deep API Integrations across credit bureaus, banks, and digital infrastructure helps in fully automating critical workflows such as identity verification, bureau checks, fraud detection, e-sign.

Technology stack leverages advanced AI and machine learning models across functions enabling disciplined risk stratification, lowering annualized losses even during macroeconomic headwinds.

NBFC business has diversified debt funding through relationships with 50 debt partners (including 17 banks) and over 100 debt security-holders. The rating outlook on WFPL’s bank loan facilities and NCDs is revised from Stable to Positive, while affirming the long-term debt rating at IND A (-) in August 2026.

Weaknesses

The platform relies heavily on continuous user acquisition and retention. Collaborating with Financial Partners is vital for creating relevant financial products

Top ten Financial Partners contributed to 37.36% of revenue in FY26. Partnerships are generally non-exclusive, meaning Financial Partners can work with competitors.

Financial Partners could potentially build their own end-to-end digital servicing and origination capabilities, bypassing the platform entirely.

Limited operating history across some of products and services.

Need to continue to attract new users in a cost-effective manner, while providing a compelling product experience.

The loan portfolio is unsecured, lacking realizable collateral to recover dues in the event of default.

Any increase in borrower defaults may lead to higher impairment loss allowances, write-offs, and DLG expenses.

Errors in data-driven processes, flawed models, or outdated insights could lead to incorrect approvals or biased rejections.

In August 2025, WFPL experienced a cyber-attack where unauthorized transactions aggregating to Rs 48.32 crore were debited from its bank account, of which Rs 2.34 crore have been recovered as pf June 2026.

Any cybersecurity, data privacy, or regulatory breaches could disrupt operations.

Continuous, real-time access to the platform, mobile app, loan management system, and risk assessment engine is vital for processing large transaction volumes and retaining users and Financial Partners.

Maintaining a competitive edge requires constant adaptation to new technologies and AI/ML models.

Data collection, storage, and processing in India are governed by strict regulations.

Digital gold currently lacks a formal overarching regulatory framework. SEBI issued a public caution in November 2025 warning investors that digital gold products operate outside its regulatory purview. Any disruption impairs the company‘s broader cross-selling strategy.

Valuation

Moneyview’s revenues have increased at a strong 3-year CAGR of 73% to Rs 3351.16 crore in FY2026 from Rs 648.09 crore in FY2023. PBT before EO grew at a CAGR of 49% Rs 534.01 crore in FY2026. Exceptional expenses for FY2026 included Rs 46.65 crore relating to a cyber incident at WFPL and a one-time performance-based incentive of Rs 160 crore paid to MD&CEO. Revenues have increased 50% to Rs 1041.11 crore and PAT jumped 159% to Rs 173.8 crore in Q1FY2027.

Moneyview has consistently improved operating profit margin from 30.96% in FY2023, 39.82% in FY2024, 56.70% in FY2025, 62.84% in FY2026 and 63.58% in Q1FY2027. The performance has been supported by improvement in loan margins, lower credit costs and reduction in operating expenses as a percentage of total income, driven by improved marketing cost efficiency and technology driven operating efficiencies.

Annualized EPS on post-issue equity for TTM ended June 2026 out to Rs 2.9, excluding exceptional expenses. At the price band of Rs 32 to Rs 34, P/E works out to 11.2-11.9 times of annualized EPS for TTM ended June 2026.

Post-issue, the book value (BV) will be Rs 18.0, while adjusted BV (ABV) net of net stage 3 assets works out to Rs 17.8 per share at the upper price band. The scrip is being offered at price to Adj BV multiple of 1.9 times at the upper price band.

OnEMI Technology Solutions, the comparable peer and leading digital lending platform is trading at P/ Adj BV multiple of 2.8 times of adj BV at end June 2026. In terms of PE, OnEMI Technology Solutions is trading at 19.7 times its annualized EPS for TTM ended June 2026.

AUM of Moneyview was at Rs 22520 crore and that of OnEMI was at Rs 8001 crore at end June 2026. Moneyview also has higher registered user base of 14.03 crore compared with OnEMI at 7.5 crore. Moneyview disbursed loans of Rs 23098 crore and OnEMI Rs 12811 crore in FY2026. Moneyview has delivered healthy RoE of 17.8% (excluding exceptional expenses) and OnEMI at 20.96% in FY2026.