FincFriends, the captive non-banking financial company (NBFC) of RupeeRedee, a digital lending platform, recently completed its investment round. As part of it, the company raised $2 million in stock and $2.8 million in ECB from its existing owners, APV Management Pte Ltd.
FincFriends has also secured $3 million in debt from InCred Finance and Grow Money Capital. The entire amount raised by the company last fiscal year was $11.6 million in stock and $1.3 million in debt.
The company’s fundraising now stands at $13.6 million in equity, $3.5 million in ECB, and $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 recently raised funds will be used to accelerate the expansion of the company’s current product offerings while also scaling operations to drive financial inclusion in emerging markets. The company will strategically use the money to expand its customer base and credit portfolio, thereby strengthening its position as the primary financial lending platform.
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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.”
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