NBFC arm of RupeeRedee, FincFriends collects $7.8 million funding as both Debt & Equity
Digital lending platform startup RupeeRedee’s NBFC arm, which is named as FincFriends has recently raised $7.8 Mn, in a mix of debt and equity, in a strategic round led by InCred Finance and Grow Money Capital. The company has already declared that, they will utilize this freshly lifted capital to foster the growth of the startup and this fund will accelerate their product portfolio.
The startup FincFriends was established in 2017, as the NBFC arm of RupeeRedee, which offers instant short-term personal digital loans. The company said that, a chunk of the capital will also be deployed to scale up operations in emerging markets, ramp up customer base and magnify their credit portfolio. The startup offers instant short-term personal digital loans to underserved customers.
Roman Aznabaev, CEO of RupeeRedee, stated, “As we focus on expanding our credit offerings, we are looking forward to leveraging this opportunity to create high value for our customers and stakeholders alike.”
When asked about the deal, the head of financial institution lending at InCred Finance, Mohit Gandhi exclaimed, “Through this partnership, we actively support FincFriends’ mission of delivering socially responsible funding to underserved populations in India. Together, we are committed to shaping a more financially inclusive future”.
The funding round came into the scene when the Reserve Bank of India (RBI) has tightened its checks on the mushrooming digital lending ecosystem in the country. During the last December Finance Minister Nirmala Sitharaman told the Parliament that, the digital mastermind Google has removed more than 2,500 fraudulent digital lending apps from Play Store between April 2021 and July 2022.
Apart from this, the digital lending and the fintech sector continue to be an attractive proposition for both entrepreneurs and investors alike. Last week, former BharatPe founder Ashneer Grover has unveiled his new app based digital payment platform ZeroPe, for medical sector.
Report says, Indian Fintech Report Q4 2023, homegrown lending tech startups secured $141 million across eight deals in Q4 2023. Probably, the segment is projected to corner a majority $1.3 trillion of the total $2.1 trillion Indian fintech market opportunity by 2030.
The startup FincFriends was established in 2017, as the NBFC arm of RupeeRedee, which offers instant short-term personal digital loans. The company said that, a chunk of the capital will also be deployed to scale up operations in emerging markets, ramp up customer base and magnify their credit portfolio. The startup offers instant short-term personal digital loans to underserved customers.
Roman Aznabaev, CEO of RupeeRedee, stated, “As we focus on expanding our credit offerings, we are looking forward to leveraging this opportunity to create high value for our customers and stakeholders alike.”
When asked about the deal, the head of financial institution lending at InCred Finance, Mohit Gandhi exclaimed, “Through this partnership, we actively support FincFriends’ mission of delivering socially responsible funding to underserved populations in India. Together, we are committed to shaping a more financially inclusive future”.
The funding round came into the scene when the Reserve Bank of India (RBI) has tightened its checks on the mushrooming digital lending ecosystem in the country. During the last December Finance Minister Nirmala Sitharaman told the Parliament that, the digital mastermind Google has removed more than 2,500 fraudulent digital lending apps from Play Store between April 2021 and July 2022.
Apart from this, the digital lending and the fintech sector continue to be an attractive proposition for both entrepreneurs and investors alike. Last week, former BharatPe founder Ashneer Grover has unveiled his new app based digital payment platform ZeroPe, for medical sector.
Report says, Indian Fintech Report Q4 2023, homegrown lending tech startups secured $141 million across eight deals in Q4 2023. Probably, the segment is projected to corner a majority $1.3 trillion of the total $2.1 trillion Indian fintech market opportunity by 2030.
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