In strategic fundraising, the NBFC division of digital lending firm RupeeRedee, FincFriends has secured $7.8 million in a combination of debt and equity.
The NBFC secured $3 million in debt funding from its lead investors, Grow Money Capital and InCred Finance, with the remaining funds coming from APV Management.
While the lead investors infused $3 Mn in debt funding, the rest was raised in equity ($2 Mn) and debt ($2.8 Mn) from existing investor APV Management.
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The startup’s expansion and product line will be supported by the new funds. A portion of the funds is going to be used to “amplify” the NBFC‘s credit portfolio, increase customer base, and expand operations into emerging countries.
“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 CEO Roman Aznabaev commented.
Delivering financing solutions and loans to end users via a fully digitised and safe process is FincFriends Private Limited’s main goal.
About FincFriends
FincFriends is a non-banking finance company (NBFC) that was established in 2017 and provides online loans and financing services for clients. The company is registered with the Reserve Bank of India (RBI) as a non-deposit-taking non-banking financial company in compliance with applicable legislation.
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