RupeeRedee Captive NBFC FincFriends Closes Series B Funding Round With $11M
A captive NBFC of RupeeRedee has closed its second round of equity financing with existing stakeholders, Digital Finance International (DFI), a member of Finstar Financial Group headquartered in Russia
FincFriends Private Limited, a captive NBFC of RupeeRedee, has closed its second round of equity financing with $1.1m raised from an existing stakeholder – Digital Finance International (DFI), a member of Finstar Financial Group headquartered is in Russia. The company aims to leverage the capital to expand its customer base, enhance its offerings and increase the depth of its NBFC digital portfolio.
Launched in 2018, FincFriends Private Limited previously raised $6 million in 2019 from Digital Finance International, its parent company. FincFriends Private Limited, which is one of the first 100% digital NBFCs registered with RBI. The capital will be used to diversify NBFC’s portfolio by lending and serving more customers.
Vladimir Borisov of Digital Finance International commented: “India is a growing market and we invested in 2018 to further develop the business, but due to the pandemic, the lending segment was very heavily impacted. While the recovery in 2021 has been great. FincFriends has increased its portfolio through its lending platform RupeeRedee, which has good customer appeal. With technology, we are trying to reach the masses and help them with their loan needs. It was time to add more fuel to our business to reach the next step and become the first choice for customers. So we invested an additional $1.1 million for growth.
RupeeRedee is a digital lending platform providing an all-digital experience to its customers with the help of technology and data science to make digital lending safe, fast and hassle-free for the massive population of underserved customers in India . The start-up aims to establish itself as a “one-stop solution for your loan needs” with its wide range of short-term personal loan offerings.
Delighted with the acquisition of the fund, Artem Andreev, Country Head of FincFriends & RupeeRedee, said: “We are very excited to grow our business in multiple ways, as we receive more and more requests every day. loans. With this funding, we will be able to serve more customers and also increase our customer base. We are also looking for FinTech partnerships for our NBFC to diversify our customer base. To increase our portfolio, we look forward to some more debt financing in the coming months. »
RupeeRedee has actively lent instant short term personal loans to over 400,000 clients across PAN India. The digital lending platform receives 1 million visitors to its website and app every month and processes a good number of online loans every month in an average of 10 minutes. The platform aims to facilitate loans for customers underserved by banks, such as salaried and self-employed customers.