FincFriends Private Limited a captive NBFC of RupeeRedee has secured an equity funding of USD 3.5 Mn 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. Shareholders will also inject another 10 Million dollars by the end of the financial year for fueling the growth of business.

The funding round, led by the existing shareholders demonstrates strong support and confidence in RupeeRedee's mission to empower the underserved consumers who lack access to credit. The 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 crores in FY 23-24.

RupeeRedee has established itself as a prominent digital lending platform that specifically caters to the needs of underserved customers, providing them with instant personal loans. The recent capital infusion from FincFriends will bolster RupeeRedee's objectives to expand its credit portfolio and achieve comprehensive growth. 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

"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," said Aznabaev Roman, India country Head of RupeeRedee. "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."

Commenting on the funding round, Ajay Chaurasia, Vice President: Marketing, Product & Business of RupeeRedee said, “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.”

RupeeRedee being a trusted fintech platform which works with FincFriends to facilitate short-term personal loans coupled with digital lending services. Incepted in 2018, RupeeRedee & FincFriends offers instant short-term personal digital loans to customers. The company envisions being a “Lender for All” by harnessing cutting-edge technologies and data sciences to make lending safe, quick and frictionless for India’s large populace of underserved and un-bankable customers.

In India, the lending industry is undergoing significant transformations with the rise of digital lending platforms and fintech innovations. These platforms are revolutionizing the lending landscape by offering faster loan processing, personalized solutions, and enhanced accessibility to credit for consumers, particularly the underserved segments. Peer-to-peer lending is gaining popularity as an alternative funding option, providing attractive investment opportunities for lenders and borrowers alike. Additionally, data analytics is playing a crucial role in reshaping risk evaluation, enabling more accurate credit assessments and expanding financial inclusion by reaching individuals previously excluded from traditional lending avenues.