Online loan app RupeeRedee’s NBFC FincFriends raises $3.5 million from Digital Finance International
Online loan app RupeeRedee’s NBFC FincFriends raises $3.5 million from Digital Finance International
The company said its stockholders will contribute an extra $10 million after the current fiscal year.
App for online personal loans The captive non-banking financial corporation (NBFC) of RupeeRedee, FincFriends, has raised $3.5 million in equity capital from its current owners, including the digital lending firm Digital Finance International (DFI), which has its headquarters in Cyprus. Including the most recent round of investment in September 2022, FincFriends has now raised $11.6 million in equity. The business said its stockholders will contribute an extra $10 million after the fiscal year.
The money will be used to build the business, scale up operations, and broaden product offerings to promote financial inclusion in emerging areas. The company plans to distribute Rs 1,000 crores worth of loans in FY24.
Aznabaev Roman, RupeeRedee’s country head for India, stated, “We are thrilled to secure this significant equity funding, which reflects the confidence of our shareholders in our vision and the difference we are making in the lives of underserved consumers.” “With the help of this investment, we will be able to increase our business, broaden our selection of products, and strengthen our commitment to promoting financial inclusion in developing economies. We are enthusiastic about the prospects and look forward to giving our stakeholders and consumers more value.
The funding round fits with RupeeRedee’s strategic ambitions to increase the company’s assets under management (AUM).According to RupeeRedee, the company intends to increase its revenue streams by introducing more products and services, ultimately attracting a wider customer base.According to the firm, the money would also enable it to improve client acquisition techniques to increase the size of its customer base throughout India. RupeeRedee and FincFriends were established in 2018 and provided clients with quick, short-term personal digital loans.
Digital lending is one of India’s fintech markets that is expanding the quickest, according to the data site Statista. It increased rapidly from $9 billion in 2012 to around $150 billion in 2020. It is predicted to reach a value of $350 billion by 2023. Fintech companies and NBFCs dominated this industry.
FincFriends, the non-banking financial company (NBFC) of the famous RupeeRedee, an online lending platform based in India, has secured $3.5 million in funding from Digital Finance International (DFI) as the lead investor in a recent funding round. This marks a significant milestone in the firm’s expansion strategy and further strengthens its position in the ever-evolving FinTech industry. In this article, we will explore the funding details of FincFriends and discuss the possible implications and prospects for the company in the fintech industry.
In the highly competitive financial services landscape, this fresh capital influx marks a pivotal point for FincFriends, the digital lending arm of RupeeRedee. The funding round, presided over by DFI, brought together some of the biggest names in the financial sector who firmly believe in FincFriends’ mission to digitize India’s lending industry. DFI’s investment in FincFriends aligns perfectly with its strategic plan to back innovative financial technology companies with a solid potential to disrupt traditional banking methods.
DFI’s investment will go a long way in ensuring FincFriends’ continued growth and dominance in the Indian lending market. It will also boost the company’s mission to simplify lending processes, expand its reach, and assist financially underserved sectors.
The significant investment from DFI will enable FincFriends to accelerate its technological innovation and business development. The company aims to use the funds to enhance its AI and machine learning capabilities, thereby increasing efficiency and facilitating quicker loan approvals. Further, the investment will boost FincFriends’ ability to build its product portfolio, incorporating more financial services to cater to a broader demographic, thereby increasing its user base.
Another critical area that FincFriends plans to focus on with this new funding is risk management and fraud detection. With the rise of digital lending platforms, it’s important to have strong security protocols to safeguard consumers’ information and prevent financial scams.
This funding round is a testament to investors’ confidence in the growth trajectory of FincFriends and its parent company RupeeRedee. Given RupeeRedee’s strong market presence as a trustworthy online lending platform in India, this additional funding will boost it’s already accelerating growth rate.
With its innovative digital platform, FincFriends has the potential to transform the traditional lending landscape, providing quick, easy, and transparent loans to those who need them the most. The new funds will further enable the firm to strengthen its technological infrastructure, improve its services and reach more consumers.
As RupeeRedee’s NBFC, FincFriends’ latest round of funding is an encouraging development in the digital financial services sector and a testament to the increasing trust in fintech innovations in India. With Digital Finance International’s backing, FincFriends is poised to escalate its efforts in democratizing financial services, making lending more accessible, efficient, and secure.
This significant funding round underscores the opportunities in the Indian fintech space and how key players like FincFriends are set to leverage these opportunities to foster growth. As digital lending continues to gain traction, FincFriends’ story is a beacon of success and innovation in a rapidly growing industry.
