Fintech IPO Pipeline Heats Up

Moneyview, backed by investors like Accel and Tiger Global, has been profitable since fiscal year 2022. The company reported a net profit of ₹240 crore on revenue of ₹2,379 crore for the 2025 fiscal year. The digital lender plans to use the IPO proceeds to support loan disbursals and to invest ₹450 crore into its subsidiary, Whizdm Finance Private Limited, to strengthen its capital base. As of December 31, 2025, Moneyview's assets under management stood at ₹19,814 crore. PhonePe's planned IPO is entirely an offer for sale, meaning the company will not issue new shares to raise capital. Instead, existing investors are selling shares, with backer Walmart set to reduce its stake by 12% and investors like Tiger Global and Microsoft reportedly planning to exit. The target valuation is a step down from the $12 billion PhonePe was valued at during a private funding round in 2023. While its revenue grew 22% in the six months ending September 30, its losses also widened to ₹1,444 crore, and some investors have raised concerns about its ability to monetize its large user base in the low-margin UPI payments sector. The global fintech IPO market began to thaw in 2025 after a prolonged quiet period, with major listings in the U.S. including digital bank Chime and buy-now-pay-later firm Klarna. In 2025, 11 venture-backed fintech companies went public, adding a total of $70 billion in market capitalization. However, the performance of recent fintech IPOs has been mixed. Klarna's stock has dropped 35% since its September debut, and Chime's is down 28%. An F-Prime Capital report noted that of the 11 fintechs that went public in 2025, only two are trading above their debut price. This post-IPO performance reflects a broader shift in investor sentiment. Unlike the 2021 peak, investors are now prioritizing a credible, near-term path to profitability over a "growth at all costs" mentality.