Gurugram-based RupeeRedee’s captive NBFC platform FincFriends on Monday said it has secured $1.1 million as a part of its third equity funding round led by its existing stakeholder Digital Finance International (DFI), a member of global private equity firm Finstar Financial Group.
The fresh fundraise will help FincFriends and RupeeRedee boost their business offerings, expand footprints to tier 2 and 3 cities and scale lending portfolio, according to a statement.
In March, RupeeRedee closed its second round of equity funding with $1.1 million raised from DFI.
Founded in 2018, RupeeRedee is a digital lending platform that leverages technology and data sciences to make lending accessible for population of underserved customers, it said in a statement. The startup has been actively lending instant personal loans to borrowers in more than 150 cities across the country and has recorded more than 1 million visitors on its website and app each month, since the pandemic outbreak, it added.
“Over the last few months, we have been investing in an innovative product portfolio, enhancing our business operations and processes, building a seasoned leadership team and implementing a customer-first culture to offer state-of-the-art solutions and superlative service to our customers. This investment will enable us to deliver on our promises and enhance our market position. We are very excited for what the future holds for our company, employees, customers, partners and investors,” said Artem Andreev, country head of FincFriends.
“As consumer interest in instant loans accelerates, especially since the global pandemic, it is critical for digital lending platforms to offer financing solutions that meet the evolving customer demands. RupeeRedee’s digital lending platform represents the new generation in consumer lending and enables underserved borrowers to avail instant credit safely and seamlessly from the comfort of their homes,” said Dimitry Kislyakov of Digital Finance International.
Several fintech startups focussed on credit and payment cards have been catching eyeballs among the population in the country of late.
In November last year, millennial-focused fintech startup, Slice, operated by GaragePrenuers Internet Pvt. Ltd, entered the prestigious unicorn club after raising $220 million in its Series B round led by Tiger Global and Insight Partners.
In October last year, Cred founder Kunal Shah, Better Capital and GFC (Global Founders Capital), along with existing investors invested $1.3 million in Bengaluru-based credit card service startup, Hyperface.
