RupeeRedee Captive NBFC FincFriends Secures $3.5 Million In Fourth Round Of Equity Funding FincFriends aims to move on an exponential growth trajectory while expanding its current offerings and geographical footprints with secured capital
By Teena Jose
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FincFriends Private Limited a captive NBFC of RupeeRedee has secured an equity funding of $3.5 million from their existing shareholders i.e Digital Finance International (DFI), headquartered in Cyprus. This new funding brings the total raised by the digital lending platform to $11.6 million in equity including the last round in September 2022.
According to an official statement, this investment will fuel the company's growth plans, allowing it to scale operations, expand its product offerings, and further its efforts in driving financial inclusion in emerging markets with an aim to disburse loans worth 1,000 crore in FY 23-24.
"We are delighted to secure this significant equity funding, which reflects the confidence of our shareholders in our vision and the positive impact we are making in the lives of underserved consumers. This investment will empower us to scale our operations, expand our product offerings, and deepen our commitment to financial inclusion in emerging markets. We are excited about the opportunities ahead and look forward to creating even greater value for our customers and stakeholders," said Aznabaev Roman, India country head, RupeeRedee.
RupeeRedee is a digital lending platform that specifically caters to the needs of underserved customers, providing them with instant personal loans. This equity funding round is also in line with RupeeRedee's strategic plans to augment the assets under management (AUM) of the business. By increasing revenue streams, RupeeRedee will be able to broaden its range of products and appeal to a wider customer base. The funding will also allow the company to allocate funds in enhancing its customer acquisition strategies to expand its customer base across India, said the company in the statement.
"We have successfully built a consumer-first digital lending business. It is our innovative product portfolio that has helped us in staying consistent and committed to fund India's underserved segment via a digital payment system. We are delighted to have completed our fourth equity funding round and look forward to contributing to the financial inclusion agenda of India," said Ajay Chaurasia, vice-president: Marketing, Product and Business, RupeeRedee.
