Fintech start-up 50Fin has secured a notable $550K in its latest funding round, a testament to its promising trajectory and business model. The funding was spearheaded by venture capital fund Arali Ventures and Nitin Gupta. The company will use the funding to focus on its expansion plans and technological advancements.
Following its initial raise of $500K from esteemed investors including 100X.VC, Arun Venkatachalam, and Keynote Fincorp in 2023, the company says that it has experienced exponential growth. In particular, its distribution capacity has surged by over six times, underscoring its rapid expansion and market penetration, as per a company statement.
With a focus on leveraging embedded technology, the company's products streamline the distribution of LAS, offering convenience and accessibility to borrowers. Furthermore, 50Fin has cemented strategic partnerships with industry giants such as Fi Money and Bajaj Capital, offering LAS solutions to a diverse clientele.
“Over the last year, our distribution capacity has gone up 6X, and our products are now generating value across investor classes. We have also launched our B2B vertical, which allows banks and NBFCs to digitize LAS for their clients while completely automating the entire operation of the product. We remain committed to being the leading full-stack LAS provider in the market and are on track to reach profitability in the next 12–16 months'' said Aditya Srinivas Prasad, CEO, 50Fin.
Arun Raghavan, Managing Partner at Arali Ventures, said, “MF ownership penetration in India has increased significantly over the past few years; however, the ability to leverage this asset is limited to a few HNI individuals today. We believe that this is a large market waiting to happen and believe that the team at 50Fin will go a long way in democratizing access to this product for the millions of MF holders in India.”
With a steadfast focus on leveraging technology to unlock new possibilities, 50Fin intends to shape the future of lending against securities, driving positive change and empowerment across the industry.
