PhonePe, an Indian mobile payments company, has raised another $100 million as it tries to finish a $1 billion funding round.
With the new money from General Ataltantic, the company has now raised a total of $750 million in the last few months.
PhonePe got $450 million in February, including $350 million from General Atlantic. In March, the company’s biggest investor, Walmart, gave it another $200 million.
PhonePe started in December 2015 and now has more than 400 million registered users, which is one in four Indians and 99% of the country’s pin codes.
PhonePe recently said that it would move its headquarters to India and fully split from e-commerce giant Flipkart.
The investments give the company a value of $12 billion, making it India’s most valuable finance startup.
The new money will be used to start and grow new businesses that offer financial services, such as insurance, wealth management, stock trading, loans, and account aggregation.
This month, PhonePe backed out of a deal to buy BNPL player ZestMoney because of issues with due diligence.
