FincFriends Secures $3.5 Million in New Round
- ByStartupStory | July 31, 2023
FincFriends Private Limited, a wholly-owned subsidiary of EV focused NBFC firm RupeeRedee, has successfully raised $3.5 million in an equity round from existing shareholder Digital Finance International. This latest investment brings the total amount raised by the digital lending platform to an impressive $11.6 million in equity and $1.3 million in debt.
FincFriends aims to utilize the fresh funds to accelerate its growth plans, scale operations, and expand its product offerings, according to the Gurugram-based company. The ambitious goal is to disburse loans worth Rs 1,000 crore during FY 23-24.
With a strategic focus on expanding its customer base across India and diversifying its credit portfolio, FincFriends intends to achieve substantial growth in the digital lending space. The company is committed to empowering underserved masses, including salaried individuals, self-employed professionals, first-time borrowers, and those previously rejected by other financial institutions.
RupeeRedee, led by Aznabaev Roman, collaborates closely with FincFriends to facilitate short-term personal loans and deliver comprehensive digital lending services. Since its establishment in 2018, RupeeRedee has worked diligently to address the financial needs of a wide segment of the population, contributing to loan disbursals amounting to Rs 80 crore in FY 2020-21. This figure rose to Rs 250 crore in FY 21-22 and reached an impressive Rs 500 crore in FY 22-23.
Follow Startup Story
Related Posts
