RupeeRedee Captive NBFC FincFriends Closes $1.1M Series B Funding Round
A RupeeRedee proprietary NBFC has completed its second round of equity financing from existing stakeholders, Digital Finance International (DFI), a member of Finstar Financial Group headquartered in Russia
FincFriends Private Limited, a RupeeRedee proprietary NBFC, has closed its second round of equity funding with US$1.1 million raised from existing stakeholder – Digital Finance International (DFI), a member of Finstar Financial Group headquartered in Russia . The Company intends to use the capital to expand its customer base, enhance offerings and increase the depth of its digital NBFC portfolio.
FincFriends Private Limited was founded in 2018 and had previously raised $6 million from Digital Finance International, its parent company, in 2019. FincFriends Private Limited, one of the first 100% digital NBFCs to be registered with the RBI. The capital will be used to diversify NBFC’s portfolio while lending and serving more customers.
Vladimir Borisov from Digital Finance International commented: “India is a growing market and we invested in 2018 to further grow the business but due to the pandemic the credit segment has been hit very hard. While the recovery in 2021 has been great. FincFriends has expanded its portfolio through its lending platform RupeeRedee, which is getting a great response from customers. With technology we seek to reach the masses and serve them in meeting their credit needs. It was time to give our business more fuel to reach the next milestone and become the customers’ first choice. So we invested another $1.1 million in growth.”
RupeeRedee is a digital lending platform that offers its customers a fully digital experience using technology and data science to make digital lending safe, fast and hassle-free for India’s vast population of underserved customers. The start-up wants to establish itself as a “one-stop solution for your credit needs” with its extensive range of short-term personal loans.
Delighted with the fund acquisition, Artem Andreev, Country Head of FincFriends & RupeeRedee said: “We are very excited to grow our business many times over as we receive more and more loan applications every day. With this funding, we will be able to serve more customers and grow our customer base. We are also looking for FinTech partnerships for our NBFC to diversify our customer base. To expand our portfolio, we look forward to some further debt financings in the coming months.”
RupeeRedee has been actively lending short-term immediate-term personal loans to over 400,000 clients across PAN India. The digital lending platform gets 1 million visitors to its website and app every month and processes a good number of online loans in an average of 10 minutes each month. The platform aims to make lending easier for bank-underserved customers such as employees and the self-employed.