Digital lending platform RupeeRedee’s captive NBFC FincFriends raises $ 7.8 million funding

FincFriends, the captive non-banking financial company (NBFC) of the digital lending platform RupeeRedee recently closed its funding round, and as part of it, the company has raised $ 2 million in equity and $ 2.8 million in the form of ECB from its existing shareholders - APV Management Pte Ltd.

Additionally, the company informed that FincFriends has also raised $ 3 million in debt from InCred Finance and Grow Money Capital. The total amount raised by the company last financial year stands at $11.6 million in equity and $1.3 million in debt. Taking the company’s total fundraising to $ 13.6 million in Equity, $ 3.5 million in ECB and $ 4.3 million in Debt.

Talking about the funding round, Mohit Gandhi, Head - Financial Institution Lending - InCred Finance, said, "InCred's collaboration with FincFriends underscores our dedication to offering customized liquidity solutions for businesses, fostering financial inclusion, and empowering communities. Through this partnership, we actively support FincFriends' mission of delivering socially responsible funding to underserved populations in India. Together, we are committed to shaping a more financially inclusive future." 

Commenting on the development, Karan Jairath, Head-Credit Grow Money Capital, said, "We have always invested in companies committed to driving meaningful societal change. We have witnessed RupeeRedee via its captive NBFC FincFriends supporting initiatives bridging gaps in financial resource access. Hence, we have not only invested in a digital lending platform but also the upliftment of communities and individuals striving for a better tomorrow."

The company informed that the recent capital raised will be allocated towards accelerating the expansion of its current product offerings and simultaneously scale operations, for driving financial inclusion in emerging markets. It also added that the funds will also be strategically utilized by the company to bolster its customer base and amplify its credit portfolio, solidifying its position as the key financial lending platform. 

Commenting on the successful completion of the fundraising round, Roman Aznabaev, CEO of RupeeRedee, said, “We’re elated to secure significant Equity, ECB, and Debt Funding, which demonstrates the confidence and trust that our shareholders have showcased in our vision and commitment to build a financially inclusive lending ecosystem. As we focus on expanding our credit offerings, we are looking forward to leveraging this opportunity to create high value for our customers and stakeholders alike.”

Fintech platform RupeeRedee facilitates short-term personal loans and offers digital lending services. With a core focus on bolstering financial inclusion in emerging markets, the platform projects to impact the lives of more than 1 million underserved consumers in FY25.