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RupeeRedee raises $6 million from Digital Finance International

RupeeRedeeIndian digital lending platform RupeeRedee has secured about $6 million in funding. The funds were raised from its parent company Digital Finance International over a period of time, it said in a statement on Thursday.

The company, which uses technology and data sciences to make lending safe, quick and hassle-free for the underserved customers, also owns a digital non-banking financial company named FincFriends Pvt Ltd, which enables issuance of loans and has also created an online brokerage platform, originating loans for other partners NBFCs.

“There are millions of salaried as well as self-employed borrowers in the country who need financial assistance but most lenders in India remain reluctant to aide them in the absence of strong credit histories, thus leaving large masses underserved. We are here to help this segment of people get easy access to flexible, small-ticket loans backed by a transparent fee structure,” said Jitin Bhasin, Managing Director, RupeeRedee and FincFriends.

“We are creating a ‘Product Ladder’ to help the customers move up the credit curve. We are witnessing the tremendous response to our products and are committed to using our investments to further bolster our commitment towards helping the credit under-served population in India achieve financial freedom,” Bhasin said.

Gurgaon-based RupeeRedee has been facilitating digital small-ticket loans for over a year and claims to have over 1 million visitors per month through its website and mobile app from across 25 cities in India. The platform now plans to enhance its technology and backend processes to better evaluate new borrowers thereby expanding its lending operations. RupeeRedee is also growing its team and actively forging new partnerships in digital and point of sale lending.

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