FincFriends, a digital NBFC that lends via RupeeRedee, has raised the third round of equity funding with $1.1 million. Digital Finance International (DFI), a current stakeholder, backed the equity issuance. This funding brings the total raised by the digital lending platform to $9.2, which includes a Series B round of $1.1 million in March 2022.
The fund raised will be used to embark on an organic growth trajectory by making key investments in current business offerings, expanding its geographical footprint to tier II and III cities and strengthening its lending portfolio. The startup will also continue to invest in sales and marketing operations with an aim to extend its commercial reach to broaden its customer base.
Artem Andreev, country head of FincFriends said, “Over the last few months, we have been investing in an innovative product portfolio, enhancing our business operations and processes, building a seasoned leadership team and implementing a customer-first culture to offer state-of-the-art solutions and superlative service to our customers. This investment will enable us to deliver on our promises and enhance our market position”.
Company said in a press, “RupeeRedee’s digital lending platform represents the new generation in consumer lending and enables underserved borrowers to avail instant credit safely and seamlessly from the comfort of their homes, which has been actively lending to borrowers more than 150 cities across the country.”
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Vice-president, marketing, product ad business, RupeeRedee said, “We are very pleased to have successfully concluded our third round of equity funding. Continued stakeholder interest from DFI and Finstar Financial Group is a testament to RupeeRedee’s strategic vision and the ability to execute it. This funding will expedite collaborations, product upgrades and market expansions to provide instant financing solutions to borrowers across the country. We are also in discussion with Indian investors for debt funding and will soon close around $2 million”.
Founded in 2017 by Ajaya Kumar Sahoo, Fincfriends is a non-Banking Financial Company, approved by the Reserve Bank of India.
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