RupeeRedee’s NBFC FincFriends Raises Rs 98.5 Cr in Debt Funding

Non-banking financial company FincFriends Private Limited has secured Rs 98.5 crore in debt funding from other NBFCs to expand its operations and introduce new credit offerings for underserved borrowers in India.

The funding round includes Rs 54.5 crore raised from NBFCs and Rs 44 crore through non-convertible debentures (NCDs). Investors in the round include IBL Finance, Incred Financial Services, Real Touch Finance, Shine Star Build-Cap and Western Capital Advisors.

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FincFriends last raised $7.8 million in April last year. This included $2 million in equity, $2.8 million through external borrowing, and $3 million in debt from InCred Finance and Grow Money Capital.

“This funding marks a strategic milestone in our journey to enable accessibility of responsible credit across India,” said Artem Andreev, CEO of FincFriends. “With the valuable trust of our investors, we are positioning our brand to deepen our reach, strengthen fintech infrastructure and develop personalised credit solutions to address the financial realities of underserved communities.”

"The personal loan segment was always a good product, but with RBI’s tightening and limited borrowing limits, we had to scale down," said Bidul Agwaan, senior VP at LoanTap. "Until we see positive capital supply, we won’t take book exposure in personal loans. We expect recovery only by Q2 or Q3."

About FincFriends

Founded in 2018 by Founded in 2018, Gurugram-based RupeeRedee, along with its NBFC partner FincFriends, offers instant short-term personal loans through a digital platform.

The funding comes at a time when fintech lenders, especially in the personal loan segment, are facing the sharpest slowdown in unsecured credit since the pandemic. This decline has pushed many fintech companies to become more cautious.