FincFriends, the captive non-banking financial company (NBFC) of the digital lending platform RupeeRedee, recently closed its funding round. As part of it, the company has raised $2 million in equity and $2.8 million in the form of ECB from its existing shareholders, APV Management Pte Ltd.
Additionally, FincFriends has also raised $3 million in debt from InCred Finance and Grow Money Capital. The total amount raised by the company last financial year stood at $11.6 million in equity and $1.3 million in debt. Now, the company’s total fundraising stands at $13.6 million in equity, $3.5 million in ECB, and $4.3 million in debt.
"Through this partnership, we actively support FincFriends' mission of delivering socially responsible funding to underserved populations in India," said Mohit Gandhi, Head of Financial Institution Lending at InCred Finance.
In tandem, the recent capital raised will be allocated towards the company’s growth to accelerate the expansion of its current product offerings and simultaneously scale operations, driving financial inclusion in emerging markets.
The funds will also be strategically utilised by the company to bolster its customer base and amplify its credit portfolio, solidifying its position as the key financial lending platform.
Roman Aznabaev, CEO of RupeeRedee, said, “As we focus on expanding our credit offerings, we are looking forward to leveraging this opportunity to create high value for our customers and stakeholders alike.”
RupeeRedee is a fintech platform established in 2018 that collaborates with FincFriends Private Limited to provide instant short-term personal digital loans to customers. The platform aims to serve as a "Lender for All" by leveraging advanced technologies and data sciences to make lending safe, quick, and frictionless for India's large populace of underserved and unbanked customers.
FincFriends Private Limited, founded in 2017, is dedicated to delivering financing solutions and providing loans to end customers through a completely digital and secure process. Registered with the Reserve Bank of India (RBI) as a non-banking financial company, FincFriends focuses on ensuring that individuals can easily access hassle-free cash to manage unexpected financial expenses.
