Finzy raises USD 2 mn to expand business

Peer-to-Peer (P2P) lending platform Finzy has raised USD 2 million (about Rs 14.9 crore) to fund its business growth.

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The company will use the proceeds to strengthen its technology and enhance product offerings for its lenders and borrowers, Finzy said in a statement.

Launched in 2017, Finzy offers personal unsecured loans starting at a low interest rate of 7.99 per cent per annum.

"We have raised this bridge round from our existing investors. We are in documentation stage with a Silicon Valley based technology fund and expect our Series A to close within a couple of months" Finzy CEO Amit More said.

To save excessive dilution at an early stage, the company would limit Series A to USD 10 million though there is a demand for a much higher investment number, he said.

Finzy claims to have more than 1 lakh customers and the largest outstanding loan book amongst all the P2P platforms.