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FincFriends, NBFC of RupeeRedee, Raises $3.5 Million in Equity Funding to Drive Financial Inclusion in India



Fintech Startup FincFriends, a captive non-banking financial company (NBFC) of RupeeRedee, has recently secured $3.5 million in equity funding from its existing shareholder, Digital Finance International (DFI). This funding round, along with an additional $10 million investment by shareholders by the end of the current financial year, brings the total amount raised by FincFriends to $11.6 million in equity. The latest investment will fuel the Company’s growth, expand its product offerings, and drive financial inclusion in emerging markets.

The Vision for Financial Inclusion

FincFriends and RupeeRedee share a common vision to provide financial services to underserved consumers in India. By using advanced technology and data sciences, they aim to make lending quick, safe and frictionless for a large segment of the population excluded from traditional banking avenues.

Since its birth in 2018, the platform has facilitated digital personal loans to salaried individuals, self-employed individuals, first-time borrowers, and those rejected by other financial institutions.

Digital Lending and India’s Fintech Revolution

The digital lending segment in India has been experiencing remarkable growth. According to Statista, it grew from $9 billion in 2012 to nearly $150 billion in 2020 and is expected to reach around $350 billion by 2023. Fintech startups and NBFCs, like FincFriends and RupeeRedee, have been at the forefront of this revolution, offering faster loan processing, personalized solutions, and improved accessibility to credit for underserved segments.

Impact of the Equity Funding

The recent $3.5 million equity funding will serve as an incentive for FincFriends’ growth plans. The Company plans to scale its operations, expand its range of products and deepen its commitment to driving financial inclusion in emerging markets. The investment will also boost the Company’s efforts to disburse loans worth Rs 1,000 crores in the fiscal year 2023-24, empowering countless underserved individuals with access to credit.

“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.

FincFriends’ growth trajectory has been phenomenal. In the fiscal year 2020-21, the platform disbursed loans amounting to Rs 80 crore. This figure grew to Rs 250 crore in 2021-22 and soared to Rs 500 crore in 2022-23. This consistent growth reflects the Company’s ability to meet the diverse needs of its customer base and its dedication to financial inclusion.

Looking Ahead

With the latest funding, FincFriends is well-positioned to grow and capitalize on the opportunities presented by India’s rapidly evolving fintech market. The Company aims to appeal to a broader customer base by expanding its credit portfolio and product offerings. The strategic focus on customer acquisition and financial inclusion aligns perfectly with the vision of RupeeRedee and its stakeholders.

Ajay Chaurasia, Vice President- Marketing, Product and Business of RupeeRedee, said, “We have successfully built a consumer-first digital lending business. Our innovative product portfolio has helped us stay consistent and committed to funding 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.”

With its innovative approach, FincFriends is all set to create more excellent value for its customers and stakeholders in the coming years.

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