FincFriends, the non-banking financial arm of the finance marketplace RupeeRedee, has received $3.5 million in equity capital from its Cyprus-based parent firm, Digital Finance International.
The company intends to use the fresh financing to expand its business and develop new product lines. The goal of RupeeRedee to increase its credit portfolio will be supported by the cash infusion as well, as reported by Inc42.com
Aznabaev Roman, the India country head of RupeeRedee, said, “This investment will empower us to scale our operations, expand our product offerings, and deepen our commitment to financial inclusion in emerging markets. We are excited about the opportunities ahead and look forward to creating even greater value for our customers and stakeholders.”
FincFriends Private Limited launched in 2017 with the primary goal of providing loans to end users through a fully digital and safe approach. The business is registered with the Reserve Bank of India as a non-deposit-taking, non-banking financial company in compliance with the applicable legislation. For consumer loans, FincFriends has teamed with online marketplace RupeeRedee.