Fintech startup 50Fin has secured $550,000 in its latest funding round, spearheaded by Arali Ventures and Nitin Gupta. This new capital infusion will expand the company’s market reach and enhance its technology offerings.
The new influx will help 50fin to fuel its expansion plans and technological advancements, the company said in a press release. The firm also looks to expand distribution and scale infrastructure offerings to NBFCs.
Aditya Srinivas Prasad, CEO of 50Fin, highlighted the company’s progress and strategic direction. “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 product operation. 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 Prasad.
Founded in 2022 by Aditya Srinivas Prasad and Darpan Samir Tanna, 50Fin offers instant loans against mutual funds and shares to customers. The company has streamlined the entire loan process, completing everything from sign-up to loan approval in just 7 minutes without needing physical documents and CIBIL checks.
Offering LAS solutions to a wide range of clients, 50Fin has secured strategic alliances with industry titans like Fi Money and Bajaj Capital.
The company claims to have experienced exponential growth since the last funding round as its distribution capacity has surged by over six times.