With the recent capital infusion, the company is planning to strengthen its credit portfolio and achieve sustained growth in the digital lending space.
17th April 2024–The digital lending platform RupeeRedee’s captive non-banking financial corporation (NBFC), FincFriends, has concluded its financing round. As part of it, the business raised $2 million in stock and $2.8 million in equity convertible bonds from APV Management Pte Ltd, one of its current owners.
Furthermore, FincFriends has obtained $3 million in debt from Grow Money Capital and InCred Finance. The partnership between InCred and FincFriends demonstrates our commitment to providing companies with specialized liquidity solutions, promoting financial inclusion, and strengthening 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.
The firm plans to use the recently received funds for two purposes: first, to expand its existing product offerings faster and second, to scale operations to promote financial inclusion in developing regions. The business intends to strategically use the money to expand its client base and credit portfolio, therefore strengthening its position as the primary 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.”
One of the fintech platforms with the quickest growth, RupeeRedee provides digital lending services and short-term personal loans. Over a million underprivileged customers are expected to be impacted by the platform in FY25, with a primary emphasis on increasing financial inclusion in developing economies.
About RupeeRedee & FincFriends Private Limited:
Through a well-planned fundraising initiative managed by Grow Money Capital and InCred Finance, FincFriends, the NBFC branch of RupeeRedee’s digital lending platform, has raised $7.8 million in debt and equity. The principal investors committed $3 million in equity capital, while APV Management, an existing investor, raised the remaining funds of $2 million in stock and $2.8 million in debt.
The additional funding will aid the startup’s expansion and product portfolio. Additionally, the NBFC plans to “amplify” its loan portfolio, grow its clientele, and extend its operations into developing nations using a share of the proceeds. “We are looking forward to leveraging this opportunity to create high value for our customers and stakeholders alike as we focus on expanding our credit offerings,” said Roman Aznabaev, CEO of RupeeRedee.
