Bengaluru based Finzy raises $2 million in Bridge Round
- ByStartupStory | November 6, 2021
The peer-to-peer lending platform Finzy announced that it has raised $2 million as a bridge to its $10 million Series A round of funding. The funds have been raised from the existing investors of the company.
The funds thus infused would be utilized by the company to strengthen the existing technology as well as to enhance its current product offering to its lenders and borrowers. This would in turn allow the company to broaden its horizons and pave the way for growth.
Founded in 2017 by a trio of Amit More, Abhinandan Sangam and Vishwas Dixit, Finzy is an online platform which connects borrowers to investors thus making transfer of loan seamless and affordable for both the parties. The company provides unsecured personal loans to its clients at a starting interest rate of 7.99% per annum.
The CEO and Founder of Finzy, Amit More, commented on the recent development stating, “We have raised this bridge round from our existing investors. We are in the documentation stage with a Silicon Valley-based technology fund and expect our Series A to close within a couple of months. To save excessive dilution at an early stage, we would limit our Series A raise to $10 million though we have demand for a much higher investment number.”
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