FincFriends raised $3.5 M Equity funding from Digital Finance International

FincFriends Private Limited, a wholly-owned subsidiary of lending-focused NBFC RupeeRedee, has raised $3.5 million in equity funding from existing stakeholder Digital Finance International.

The digital lending platform has so far raised $11.6 million in stock and $1.3 million in debt.

The additional investment will be used to accelerate growth goals, scale operations, and increase product offerings, according to the Gurugram-based company. In FY 23-24, it intends to provide loans worth Rs 1,000 crore.

According to the company, the cash will also be utilized to increase the client base across India, expand the credit portfolio, and achieve growth.

RupeeRedee, led by Aznabaev Roman, collaborates with FincFriends to provide short-term personal loans and digital lending services. Founded in 2018, RupeeRedee and FincFriends have been providing digital personal loans to the country’s massive underserved masses, including salaried, self-employed, first-time borrowers, and those rejected by traditional financial institutions.

RupeeRedee loan disbursements were Rs 80 crore in fiscal 2020-21. This increased to Rs 250 crore in FY 21-22 and Rs 500 crore in FY 22-23.