FincFriends Pvt Ltd Raises $1M in Debt Funding to Grow its Portfolio through RupeeRedee Lending Platform

The new-era digital lending platform aims to allocate funds for building books and scaling the business.

FincFriends Pvt.Ltd Is NBFC has raised $1 million in debt financing from a leading NBFC lending company – Eclear Leasing & Finance Pvt. ltd. The company aims to utilize lender-sanctioned debt in tranches for business expansion, growth and efficient cash flow. FincFriends has its own app and lending platform RupeeRedee which is used to lend to customers .

Arjun Passi, Vice President of Strategy and Business Development, spearheading the fundraising initiative for NBFC, said, “As a strategic move, we have decided to raise more debt funds to build our books. Good debt is needed now because equity is the most expensive form of financing. We want to strengthen our credibility in the market by successfully servicing this debt. A good credit history will not only help us secure low return on investment debt in the future, but will also help us build a positive reputation leading to better ratings and market perception.

FincFriends aims to use debt to further strengthen the loan portfolio and replace the need for equity injections at the current stage of the business.

On behalf of Eclear Leasing & Finance Pvt. Ltd, Mr. Manoj Bansal, Managing Director said: We are happy to support FincFriendsPvt. ltd in its efforts to expand its current business. After performing extensive due diligence, we were confident that the organization had a clear vision with a well-rounded team. He has created a solid foundation in key areas such as risk, customer satisfaction, products and collections.

With the digitization of the lending process, fintech companies are emphasizing building a robust digital infrastructure to identify and manage risk. RupeeRedee of FincFriendsPvt.Ltd leverages cutting-edge technologies backed by data science to make lending safe, fast and hassle-free for underserved customers. In a short time, the company was able to break even in the first year of operation and run a profitable business operation with considerable net worth.

Considering the consistent growth of the business, the company raised funds from the first-tier capital and allocated the funds to create books. It raised $6 million from the parent company – DigitalFinance International (DFI) which is part of the Finstar financial group. As part of business plans, the company is actively seeking to close a $5 million financing deal in 2022.

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