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  • Digital Lending Platform RupeeRedee’s captive NBFC FincFriends Raises $ 7.8 Million Funding

    Published on April 17, 2024

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

    Additionally, 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.  

    Now, the company’s total fundraised stands at $ 13.6 Million in Equity, $ 3.5 Million in ECB & $ 4.3 Million in Debt.

    “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.” said Mohit Gandhi, Head – Financial Institution Lending – InCred Finance.

    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,” said Karan Jairath, Head-Credit Grow Money Capital.

    In tandem, the recent capital raised will be allocated towards the company’s growth to accelerate the expansion of its current product offerings and simultaneously scale operations, for driving financial inclusion in emerging markets. 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.”

    RupeeRedee, being one of the fastest growing fintech platforms, 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.

    About RupeeRedee & FincFriends Private Limited:

    RupeeRedee is a fintech platform established in 2018 that collaborates with FincFriends Private Limited to provide instant short-term personal digital loans to customers. The platform aims to serve as a “Lender for All” by leveraging advanced technologies and data sciences to make lending safe, quick, and frictionless for India’s large populace of underserved and unbanked customers.

    FincFriends Private Limited, founded in 2017, is dedicated to delivering financing solutions and providing loans to end customers through a completely digital and secure process. Registered with the Reserve Bank of India (RBI) as a non-deposit taking non-banking financial company, FincFriends focuses on ensuring that individuals can easily access hassle-free cash to manage unexpected financial expenses.

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