FincFriends Raises $1.1 Mn in 3rd Equity Round to Accelerate Growth in Lending via RupeeRedee

The Gurugram-based NBFC which has a digital lending platform has closed its third round of equity funding from existing stakeholders, Digital Finance International (DFI), a member of Finstar Financial Group headquartered in Cyprus.

FincFriends a digital NBFC while lends via RupeeRedee a leading digital lending platform has recently raised the third round of equity funding with $1.1 million. The equity issuance was supported by existing stakeholder, Digital Finance International (DFI), reinforcing trust in the company. This new funding brings the total raised by the digital lending platform to $ 9.2, which includes its Series B round of $1.1 million in March 2022.

The fresh capital infusion will enable FincFriends & RupeeRedee to embark on an organic growth trajectory by making key investments in current business offerings, expanding its geographical footprint to Tier 2 and 3 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.

Commenting on the fund acquisition, 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. We are very excited for what the future holds for our company, employees, customers, partners and investors.”

“As consumer interest in instant loans accelerates, especially since the global pandemic, it is critical for digital lending platforms to offer financing solutions that meet the evolving customer demands. 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. We are excited to be a part of FincFriends & RupeeRedee’s business journey as they unlock the next phase of growth and execute their vision to be a universal lender,” said Dimitry Kislyakov, Digital Finance International (DFI).

Incepted in 2018, RupeeRedee is a new-age consumer financing platform offering instant short-term personal loans to customers digitally. The company envisions to be a “Lender for All” by harnessing cutting-edge technologies and data sciences to make lending safe, quick and frictionless for India’s large populace of underserved and un-bankable customers. The tech-driven startup has an extensive range of offerings which include small ticket-size flexible loans, underwriting and brokerage services along with Phygital, POS and LaaS services.

Delighted with the capital infusion, Ajay Chaurasia, Vice President- Marketing, Product & Business, RupeeRedee, commented, “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.”

RupeeRedee has been actively lending instant personal loans to borrowers in more than 150 cities across the country. The digital lending platform has witnessed a burgeoning demand for instant short-term loans since the coronavirus pandemic, recording more than 1 million visitors on its website and app each month. The tech-driven startup has recently joined IAMAI’s Fintech Convergence Council to strengthen the digital lending ecosystem.

About RupeeRedee

Incepted in 2018, RupeeRedee is a digital lending platform that allows consumers to fulfill their lending needs in simple steps with the help of technology. The app gives you the access to personal loans within a few minutes on your fingertips. It is a tech driven digital lending platform that leverages technology and data sciences to make lending accessible for India’s massive population of underserved customers. With robust KYC and smooth processes it makes the consumer journey hassle free, quick and also safeguard your data.

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