The fintech startup 50Fin has raised $550,000 in its most recent funding round, which was led by Nitin Gupta and Arali Ventures.
Prior to this, in July of last year, it had raised Rs 4.25 crore ($500K) in a pre-seed funding round led by 100X.VC, Keynote Capital, and Arun Venkatachalam.
As stated in a press release, 50fin will use the new inflow to support its expansion goals and technological developments. The company also wants to increase infrastructure offerings to NBFCs and distribution.
Aditya Srinivas Prasad and Darpan Samir Tanna co-founded 50Fin in 2022 to provide consumers with instant loans secured by shares and mutual funds. The company has completely redesigned the loan process, requiring no physical documentation or CIBIL checks, and finishing the entire process in just 7 minutes, from sign-up to loan approval.
By forming strategic alliances with major players in the market like Fi Money and Bajaj Capital, 50Fin is able to provide LAS solutions to a wide range of customers.
With a six-fold increase in distribution capacity since the last funding round, the company claims to have grown exponentially.
