Digital lending platform FincFriends has raised the third round of equity funding worth $1.1 million. The equity issuance was supported by existing stakeholder, Digital Finance International (DFI), reinforcing trust in the company. This new funding brings the total raised by the digital lending platform to $9.2 million, which includes its Series B round of $1.1 million in March 2022.
According to Artem Andreev, country head, FincFriends, this investment will enable the company to deliver on their promises and enhance their market position. “Over the last few months we have been investing in an innovative product portfolio, enhancing our business operations and processes, building a seasoned leadership team and implementing a customer-first culture to offer state-of-the-art solutions and superlative service to our customers,” he added.
As per the company, the fresh capital infusion will enable FincFriends and RupeeRedee to embark on an organic growth trajectory by making key investments in current business offerings, expanding its geographical footprint to tier 2 and 3 cities and strengthening its lending portfolio. The startup will also continue to invest in sales and marketing operations with an aim to extend its commercial reach to broaden its customer base. “As consumer interest in instant loans accelerates, especially since the global pandemic, it is critical for digital lending platforms to offer financing solutions that meet the evolving customer demands. RupeeRedee’s digital lending platform represents the new generation in consumer lending and enables underserved borrowers to avail instant credit safely and seamlessly from the comfort of their homes,” Dimitry Kislyakov, Digital Finance International (DFI), stated.
Incepted in 2018, RupeeRedee is a new-age consumer financing platform that offers short-term personal loans to customers digitally. The company envisions to be a “Lender for All” by harnessing cutting-edge technologies and data sciences to make lending safe, quick and frictionless for India’s large populace of underserved and un-bankable customers. The tech-driven startup has an extensive range of offerings which include small ticket-size flexible loans, underwriting and brokerage services along with Phygital, POS and LaaS services.
RupeeRedee claims to have been actively lending instant personal loans to borrowers in more than 150 cities across the country. The digital lending platform has witnessed a burgeoning demand for instant short-term loans since the coronavirus pandemic, recording more than 1 million visitors on its website and app each month.
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